AUD/USD rebounds above 0.6400 on upbeat retail sales despite Powell’s hawkish tone

The Australian Dollar (AUD) reverses its course advances from around last week’s low of 0.6380 against the US Dollar (USD), bolstered by upbeat econom

ic data, despite a hawkish rhetoric by the US Federal Reserve . Falling US bond yields lent a lifeline to the AUD, as the AUD/USD trades at 0.6428, gaining 0.42%.The AUD/USD is set to extend its losses after the US Federal Reserve Chair,, delivered hawkish remarks at Jackson Hole. Even though the pair is staging a comeback after snapping two days of losses, the resumption of higher US bond yields could underpin the greenback in the near term.

Following Powell’s remarks, money market futures are confident the Fed will skip a rate hike in September, but the odds for November are rising, as shown by the CME FedWatch Tool seeing a 49% chance of a 25 bps rate hike,, a gauge of the buck’s value against a basket of six currencies, drops to its daily low at 103.977, a headwind for the USD/MXN.

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