AUD/USD finds some support near 0.7100, remains well offered amid stronger USD/risk-off By HareshMenghani AUDUSD CPI Fed RiskAversion Currencies
The pair extended the overnight sharp pullback from the vicinity of mid-0.7200s, or a three-week high and witnessed heavy follow-through selling on the last day of the week. The US dollar gained strong positive traction and remained well supported by firming expectations for a faster policy tightening by the Fed. This, along with the risk-off impulse, further weighed on the perceived riskier aussie and contributed to the heavily offered tone surrounding the AUD/USD pair.
The red-hot US consumer inflation figures released on Thursday reinforced speculations that the Fed will adopt a more aggressive policy stance and bets for a 50 bps rate hike in March. Adding to this, St. LouisPresident James Bullard called for 100 bps rate hikes over the next three FOMC policy meetings. This, in turn, pushed the yield on the benchmark 10-year US government bond beyond the 2.0% threshold for the first time since August 2019 and underpinned the buck.
The selloff in the bond markets triggered a fresh bout of the global risk-aversion trade, which was evident from a generally weaker tone across the equity markets. This, in turn, forced investors to take refuge in traditional safe-haven assets and further benefitted the greenback. However, retreating US bond yields capped gains for the USD and assisted the AUD/USD pair to find some support near the 0.7100 round-figure mark, though the attempted recovery lacked follow-through.
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