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16 Jan 2024

AUD/USD remains on the defensive above 0.6650 amid the risk-off tone, renewed US Dollar demand

  • AUD/USD remains under pressure near 0.6660 amid the risk-off mood.
  • Fed’s Bostic said rates would need to remain on hold until after the summer.
  • Australian TD Securities inflation arrived at 5.2% YoY in December vs. 4.4% prior.
  • Investors await the Australian Westpac Consumer Confidence for January and the US New York Empire State Manufacturing Index on Tuesday.

The AUD/USD pair extends its downside above the mid-0.6600s during the early Asian session on Tuesday. The risk-off tone across markets lifts the safe-haven US Dollar (USD) and weighs on the pair. At press time, AUD/USD is trading at 0.6660, up 0.02% on the day.

Atlanta Federal Reserve (Fed) president Raphael Bostic believes the interest rate needs to stay on hold until at least summer to prevent prices from rising again. Bostic added that inflation could “see-saw” if policymakers start to ease too soon, warning that the decline towards the central bank's 2% target was likely to slow in the months ahead.

Concerns regarding geopolitical risks dominated the sentiment of market participants. According to the US Central Command, a US-owned and operated container ship on Monday was struck by an anti-ship ballistic missile from Houthi-controlled areas of Yemen. It comes only days after the United States and the United Kingdom launched joint strikes against Houthi targets in Yemen.

On the Aussie front, the Australian TD Securities inflation came in at 5.2% YoY in December from 4.4% in November. Meanwhile, the ANZ Job Advertisements grew 0.1% MoM from a 5.1% fall in the previous reading.

On Monday, the People's Bank of China (PBoC) surprised the market by maintaining the rate on its medium-term facility steady at 2.5%. This has increased anticipation that the Reserve Requirement Ratio will be reduced the following month.

Traders will focus on the Australian Westpac Consumer Confidence for January and the US New York Empire State Manufacturing Index, due later on Tuesday. Additionally, FOMC C. Waller is set to speak. Market players will take cues from the data and find trading opportunities around the AUD/USD pair.

 

Jan 16, 2024

EUR/JPY Price Analysis: Turns bullish with buyers eyeing 160.00

The EUR/JPY rose above the Ichimoku Cloud (Kumo), turned bullish on Monday, and gained some 0.63% after hitting a daily low of 158.58.
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Jan 16, 2024

Fed's Bostic: US progress on inflation is likely to slow

Atlanta Federal Reserve (Fed) President Raphael Bostic said on the weekend that inflation could "see-saw" if policymakers cut interest rates too soon, warning that inflation's descent towards the central bank's 2% goal was likely to slow in the months ahead, per the Financial Times.
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