AUD/USD pair is gaining positive momentum. According to the Reserve Bank of Australia, high prices may provoke further rate hikes. After that, stronger data on internal consumer inflation was published. Accordingly, expectations that the RBA may tighten its monetary policy act as a tailwind for the Australian dollar. This is in addition to the moderate weakness of the US dollar. Regarding the US dollar: it is worth reminding that a couple of FOMC members this week demonstrated their readiness to suspend the rate hike in June. This, in turn, caused a sharp intraday decline in US Treasury yields. This exerts some downward pressure on the US dollar. Meanwhile, US dollar bulls are also unimpressed by the better-than-expected US ADP report. Nevertheless, market participants' sentiments remain unstable against the backdrop of growing concerns about a global economic downturn, especially in China. According to official PMI data published earlier this week, it is clear that there is a sustained downturn in the world's second-largest economy. Accordingly, this may benefit the safe-haven dollar and become a headwind for the risk-sensitive Australian dollar.
这样的基本背景需要牛市交易者的一些谨慎和任何进一步上涨趋势的定位。
