The AUD/USD pair oscillates in a narrow trading range around 0.6480 heading into the early European session on Thursday. Market participants seem to p
refer to wait on the sidelines ahead of the Federal Reserve Chairman Jerome Powell's Speech on Friday.
In response to the data, the US Dollar weakened against its rivals, which boosted the AUD/USD pair. The US Treasury yields retreated from multi-year highs and hovered around 4.20%. The market discounted a more aggressive Federal Reserve policy for the rest of the year. According to the CME Fed Watch Tool, market pricing in 88% that the Federal Reserve will pause the interest rate in the September meeting and would hike more rate in its November meeting.
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