AUD/USD remains confined in a narrow range, flat-lines around mid-0.6600s – by hareshmenghani AUDUSD RiskAppetite Bonds Fed Currencies
on. Spot prices, meanwhile, remain well within the striking distance of over a one-week low touched on Friday and seem vulnerable to prolonging last week's rejection slide from a technically significant 200-day Simple Moving Average .
A generally positive tone around the equity markets, bolstered by easing fears of a full-blown banking crisis, turns out to be a key factor offering some support to the risk-sensitive Aussie. News that First Citizens Bank & Trust Company will buy all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation calm market nerves about the contagion risk.
The risk-on flow, meanwhile, fails to assist the safe-haven US Dollar to capitalize on its recent strong recovery from a multi-week low touched last Thursday, which further contributes to limiting the downside for the AUD/USD pair. That said, a strong follow-through rally in the US Treasury bond yields acts as a tailwind for the Greenback.
In the absence of any major market-moving economic releases from the US on Monday, the US bond yields might influence the USD price dynamics and provide some impetus to the AUD/USD pair. Apart from this, the broader risk sentiment could produce short-term trading opportunities, though the lack of any meaningful buying suggests that the path of least resistance for spot prices remains to the downside.
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