AUD/USD portrays cautious mood near 0.6400, China, central bankers in the spotlight

AUD/USD holds lower grounds near 0.6400, struggling for clear directions after refreshing the yearly low during a five-week downtrend. The Aussie pair

’s latest inaction could be linked to the hopes of more stimulus from China and the cautious mood ahead of the People’s Bank of China’s Interest Rate Decision. More importantly, the market’s consolidation ahead of the August month Purchasing Managers Indexes and Jackson Hole Symposium prods the risk-barometer pair.

During the weekend, China’s top-tier financial authorities gather to discuss the market’s concerns about the spillover effects from the nation’s reality sector debt crisis, as well as doubts about the local government. Following the meeting, the officials showed readiness for more stimulus and put a floor under the riskier assets.

Previously, the People’s Bank of China , surprised markets by lowering the one-year Medium-term Lending Facility rate to 2.50% from 2.65% previous, as well as by cutting the Reverse Repo Rate to 1.8% from 1.9% previously. That said, the PBoC also cut Statutory Liquidity Financial Ratio in the last week. It’s worth observing that China’sand Industrial Production disappointed and joined the fears of the debt market crisis, as well as the easing economic recovery, to weigh on the AUD/USD price.

That said, Australia’s headline employment data were disappointing for July and joined the downbeat Reserve Bank of Australia Minutes to exert additional downside pressure on the Aussie pair. It’s worth noting that the softer readings of the quarterly Wage Price Index also favored the AUD/USD bears.

On the other hand, The upbeat US second-tier manufacturing activity numbers, Retail Sales and wage growth allowed the US Dollar to remain firmer for the fifth consecutive week, especially backed by the hawkish Fed Minutes. Also keeping the Greenback firmer was the risk-off mood and the upbeat Treasury bond yields.

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