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Market News Post-RBA Bullock Speech, AUD/USD Snaps a Two-Day Winning Trend And Maintains Its Position Above 0.6350

Post-RBA Bullock Speech, AUD/USD Snaps a Two-Day Winning Trend And Maintains Its Position Above 0.6350

Some sellers enter the AUD/USD near 0.6360 in response to the RBA's Bullock speech. A governor of the Reserve Bank of Australia (RBA) stated that if inflation continues to exceed expectations, the central bank will implement policy measures. MoM, US retail sales increased by 0.7% in September, surpassing the market consensus estimate of 0.3%.

TOP1 Markets Analyst

2023-10-18

8139

On Wednesday morning, the AUD/USD pair ends a two-day winning stretch. The session began in Asia. The pair encounters subsequent selling pressure subsequent to its entry into the 0.6380 region. AUD/USD is trading near 0.6360 with a daily loss of 0.07%.

Reserve Bank of Australia (RBA) Governor Michele Bullock stated early Wednesday that if inflation continues to exceed expectations, the central bank will implement policy measures. Bullock added that they are marginally more concerned about the impact of supply disruptions on inflation.

The US Census Bureau reported on Tuesday that September retail sales increased by 0.7% month-over-month, surpassing the market consensus estimate of 0.3%. The Retail Sales Control Group expanded 0.6% month-over-month, up from 0.2% previously. The data indicate a robust trend in consumer spending. As a result of the optimistic data, the Greenback gained a small but transient gain.

On Wednesday, market participants will pay closer attention to the statements made by Fed speakers Waller, Williams, and Bowman, which could potentially provide insights into future monetary policy directions. The USD could benefit from the hawkish remarks of Fed officials, which could act as a headwind for the AUD/USD pair.