AUD/USD has faced immense pressure after a gradual recovery to near 0.6660 in the early European session. The Aussie asset has sensed meaningful offers amid a recovery move by the US Dollar Index (DXY). The Australian Dollar is likely to remain in action ahead of the release of the monthly Consumer Price Index (CPI), which is scheduled for Wednesday.
S&P500 futures have made stellar gains in the morning session on Monday on hopes of expansion in liquidity assistance to small United States banks. The 500-US stocks futures basket has continued its Friday’s bullish bias, portraying significant improvement in the risk appetite of the market participants.
The US Dollar Index (DXY) is defending the 103.00 support on expectations that upbeat preliminary S&P Global PMI could fade the expectations of a termination of the rate-hiking spell by the Federal Reserve (Fed). Manufacturing PMI jumped to 49.3 vs. the consensus of 47.0 and the former release of 47.3. While Services PMI accelerated to 53.8 against the estimates of 50.5 and the prior release of 50.6.
In addition to that, the demand for US government bonds has eased marginally, which has resulted in a minor recovery in 10-year US Treasury yields above 3.38%. Meanwhile, two-year US Treasury yields that track US equities firmly have stretched their recovery above 3.38%, indicating some pressure on risk-sensitive assets ahead.
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