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AUDUSD soars above 0.6660 prior to PBOC monetary policy announcement

Daniel Rogers

Nov 21, 2022 11:48

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The AUDUSD pair has climbed after finding support near 0.6660 during the early Asian session. Earlier, the asset saw declines as investors panicked over the People's Bank of China's interest rate decision (PBOC).

 

Lacking potential catalysts for significant action, the market's risk appetite remains muted. As investors anticipate the release of US Durable Goods Orders data, the dollar index (DXY) is encountering brief resistance near 107.00.

 

Raphael Bostic, president of the Atlanta Federal Reserve (Fed), anticipates that the 75 basis point (bps) rate hike regime will terminate in the near future, which might have a negative influence on the returns on US government bonds.

 

A Fed policymaker told Reuters on Saturday that he is prepared to "walk away" from three-quarter-point rate hikes at the December meeting of the Fed. To battle inflation, he claimed that the Fed's target policy rate will not climb by more than one percentage point. After then, the Fed would need to pause and "let the economic dynamics to play out," as it may take between 12 and 24 months for the impact of rate hikes to be "fully appreciated."

 

Monday's monetary policy announcement by the PBOC will be widely monitored. As economic forecasts have decreased due to the development of the Covid-19 virus, the Chinese central bank may adopt an expansionary stance. Moreover, sluggish real estate demand would require the injection of new cash into the economy. Notably, Australia is China's largest trading partner, and a decision by the PBOC to lower interest rates would benefit Australian bulls.

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