AUD/USD trims daily losses and hovers around 0.7080 after May Fed minutes

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  • AUD/USD recovered some ground and trimmed some earlier losses.
  • FOMC Minutes: All FOMC members agreed to the 50 basis point hikes at the June and July meetings.
  • Fed participants see the risk of inflation biased to the upside and stress that it has not peaked.
  • Fed Minutes: Geopolitical issues and China lockdowns put central banks under heavy pressure to restore price stability.

The Australian dollar was lower on the day but jumped away from the daily low in recent minutes as the US Federal Reserve Open Market Committee (FOMC) revealed May minutes, showing officials support the 50 basis point hike at the June and July meetings, and all participants agreed that the aforementioned decision was appropriate. Despite the above, the AUD/USD It trades above 0.7082 at the time of writing, down 0.43% daily.

After the minutes were released, market sentiment remained upbeat. US stocks are trading in the green as market players confirmed with the FOMC minutes what Fed policy makers had recently said. The dollar index fell towards the 102.00 area, but regained composure and remained positive for the session at 102.170. US Treasury yields, led by the benchmark 10-year bond, remain unchanged, stuck to the 2,756% zone.

Delving into the FOMC minutes, policymakers agreed that the Fed must “quickly” move to a neutral stance and that “tight” policy was appropriate. The participants stressed that they were “very attentive” to the inflation risks and added that those risks were skewed to the upside. These participants reiterated that prices remain high and that it is “early” to be confident that inflation has peaked.

AUD/USD Technical Levels

AUD/USD

Panorama
Last Price Today 0.7092
Today’s Daily Change -0.0012
Today’s Daily Change % -0.17
Today’s Daily Opening 0.7104
Trends
20 Daily SMA 0.7038
50 Daily SMA 0.7271
100 Daily SMA 0.7234
200 Daily SMA 0.726
levels
Previous Daily High 0.7114
Previous Daily Minimum 0.7056
Previous Maximum Weekly 0.7074
Previous Weekly Minimum 0.6872
Monthly Prior Maximum 0.7662
Previous Monthly Minimum 0.7054
Daily Fibonacci 38.2% 0.7078
Daily Fibonacci 61.8% 0.7092
Daily Pivot Point S1 0.7069
Daily Pivot Point S2 0.7033
Daily Pivot Point S3 0.701
Daily Pivot Point R1 0.7127
Daily Pivot Point R2 0.715
Daily Pivot Point R3 0.7186

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Source: Fx Street

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