AUD/USD sticks to intraday gains near 0.7000 mark, lacks follow-through amid risk-off By HareshMenghani AUDUSD Employment RiskAversion Fed Currencies
A combination of supporting factors assisted the AUD/USD pair to attract fresh buying near the 0.6950 area on Thursday and reverse a major part of the overnight retracement slide from a one-week high. The Australian dollar drew some support from domestic employment data, which showed that the jobless rate fell to the lowest level in almost 50 years.
Adding to this, extended COVID-19 lockdowns in China and the Russia-Ukraine war have been fueling recession fears, which, in turn, took its toll on the global risk sentiment and capped the perceived riskierMeanwhile, expectations that the Fed would need to take more drastic action to bring inflation under control act as a tailwind for the US bond yields and the buck.
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