The AUD/USD pair crossed an important support level as investors embraced a risk-off approach ahead of the upcoming Australian consumer inflation data.
have declined sharply in the past few weeks. Bitcoin is solidly below $40,000 while the total market cap of coins has dropped to about $1.8 trillion.
After two straight years of an expansive monetary policy, analysts now expect that the Fed and even the Reserve Bank of Australia will start tightening this year. The Fed has warned that it could be forced to intervene more aggressively this year. It will do this by ending its quantitative easing policy and then raising rates at least three times this year.
Meanwhile, the performance of Australian bonds has also hinted that the Reserve Bank of Australia will also start tightening this year. For example, yields of the 10-year government bond yield has jumped to 1.88%, which is the highest it has been since December last year. The economic calendar will be a bit muted today so investors will continue to assess the risk situation. Markit will publish the latest manufacturing PMI data from the United States. Analysts expect the data to show that the two sectors did well in January even as the omicron challenges remained.
On Tuesday, the Australian Bureau of Statistics will then publish the latest consumer inflation data for the fourth quarter. Analysts expect the data will show that the headline CPI rose to 3.2% in q4.Now, the pair has managed to move below the lower side of this ascending channel. At the same time, it has dropped below the 38.2%
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