The AUD/USD price retreated as the dollar strength continued as worries about a global recession continued.
AdvertisementThe AUD/USD pair has been in a strong bearish trend as investors continued worrying about the rising risk of a recession.
And last week, the Fed made headlines after it decided to deliver its biggest rate in almost three decades. It hiked rates by 0.75% and the Fed chair signaled that it will continue hike interest rates by either 0.75% or 0.50% in the coming meetings. Leading economic numbers have signaled that the American economy is weakening. The most important one is on housing. Data published last week showed that the country’s building permits and housing starts declined sharply in May.
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