The AUD/USD pair slumps to near the round-level support of 0.6400 in Tuesday’s early American session.
AUD/USD slips to 0.6400 amid Middle East tensions, faded speculation for Fed rate cuts. Fed Daly sees no urgency for rate cuts with high inflation and a strong labor demand. The Chinese economy has exhibited a strong footing in the first quarter of this year.
” With inflation remaining hot and demand for labor remains strong, the Fed is expected to maintain a restrictive interest rate stance until it gains confidence that inflation will sustainably return to the desired rate of 2%. In the Asian region, stronger-than-anticipated China’s Q1 Gross Domestic Product data failed to improve the market sentiment. In the first quarter of this year, the Chinese economy strongly expanded by 1.6% from 1.2% in the last quarter of 2023, revised higher from 1.0%.
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