The Australian dollar slumps from YTD highs around 0.7540 as market sentiment fluctuates courtesy of Russia – Ukraine’s woes, China’s Covid-19 outbreak, and higher inflation prompted global central banks to tighten monetary policy conditions. At the time of writing, the AUD/USD is trading at 0.7492.
The market mood turned positive on Russia – Ukraine headlines, and Shanghai entered into lockdown on the Covid-19 outbreak Risk appetite continues to be influenced by geopolitical jitters and the weekend Covid-19 outbreak in China, which affected Shanghai, one of the largest cities, weighed on market sentiment. Meanwhile, Russia – Ukraine woes keep grabbing the headlines.
Late in the North American session, sources linked to the Financial Times expressed that Russia is prepared to let Kyiv join the EU if it remains military non-aligned as part of ongoing ceasefire negotiations. That headline lifted US equities, which made a U-turn and ended Wall Street’s trading session in the green.
Meanwhile, the US Dollar Index, a gauge of the greenback’s value against its peers, stays resilient, up 0.38%, sitting at 99.160, while US Treasury yields fall.
AUD/USD Short (Sell) Enter at: 0.74781 T.P_1: 0.74482 T.P_2: 0.74179 S.L; 0.75040
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