AUD/USD Backtracks from Daily Highs, Slides to the 0.6870 Area

The AUD/USD currency pair recently hit a daily low of around 0.6929 but tumbled due to sour sentiments. China’s PBOC’s rate cut raised the AUD/USD just above the 0.6900 figure before it dropped to daily lows.

The AUD/USD slightly declined in the North American session, amidst a risk-off tone in the market, with global equities sliding. At the same time, traders anticipate Fed’s Jerome Powell’s speech at Jackson Hole on Friday. Reflection of the aforementioned is global equities tumbling, led by US stocks, down between 1.40% and 2.30%.

The AUD/USD is trading at 0.6875 below its opening price by 0.02%, after hitting a daily high of 0.6929, just above the 50-day EMA. Nevertheless, the risk-sensitive dollars softened and dropped from the 0.6900 figure due to broad US dollar strength.

The USD Index, a gauge of the buck’s value vs. a basket of peers, advances almost 0.60%, up at 108.729, closing to the YTD high at 10.9.294.

The lack of economic data in the market keeps traders focused on the Jackson Hole event. Fed’s policymakers expressed that while inflation data is quite positive, the central bank is far from declaring victory. Even the most dovish, like Kansas City Fed’s Esther George, expressed that more rate hikes are coming, stating that the size of increases is to be deliberated.

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