AUDUSD falls on inflation concerns.
AUDUSD falling today under the effect of the strong USD as the traders are starting to doubt the Fed will be able to postpone raising the interest rates in USA given the strong inflationary pressures building in the country. With last week data showing the fastest increase in U.S. consumer prices in a decade, concerns are growing that interest rates will be raised sooner than expected despite Federal Reserve policymakers saying the inflation spike is temporary. The minutes from the Fed’s recent meeting, due later today, are expected to confirm policymakers think a rate hike is still far away, but any discordant note could lead to strong dollar gains. The pair is also dragged down by moderate AUD bearishness after China’s foreign ministry spokesman Zhao Lijian said the responsibility for the decline in relations with Australia was not “not at all China’s” and that Australia should treat China with “objectivity” and “rationality”.
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