- An Insurance Fed Rate Cut?
- Muted AUD/USD price movement
Price Movement
Since yesterday, AUD/USD has been moving indecisively within a 40pips range.
Trend
Recently, AUD/USD has been ranging upwards.
Important Issue
Yesterday during an interview with Bloomberg, Federal Reserve Bank of St. Louis President James Bullard highlighted that an insurance Fed rate cut now may be necessary as inflation target has been running below target.
He also mentioned that a 50 basis point (0.50%) rate cut would be “overdone” whereas a 25 basis point (0.25%) rate cut seems more appropriate.
Technical
AUD/USD is slowly moving towards the 0.70 key level.
Price Levels
Current Price: 0.69696
Next Resistance: 0.70250
Next Support: 0.68500
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