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The AUD/USD pair recovers from its lowest point since May 2020 in the midst of a little intraday USD decline. Fears of a recession have led to wagers on a hawkish Fed raising rates to a big maximum. Investors increasingly anticipate the speeches of FOMC members for opportunities in the near future.
The AUD/USD pair makes a little comeback from the Monday morning low it reached, the lowest level since May 2020, but no more purchases are made. Throughout the early European session, the pair oscillates between modest gains and losses, and it is now trading just over the psychological level of 0.6500.
The USD Index, which evaluates the performance of the dollar relative to a basket of currencies, actually surrenders its intraday gains to a brand-new two-decade high and provides some support to the AUD/USD pair. The British pound quickly recovered after a two-day wild slide thanks to speculation that the Bank of England might need to intervene to stabilize the local currency. This, along with a shift in risk sentiment, causes some profit-taking in the safe-haven dollar and helps the risk-averse Aussie.
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