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AUD/USD consolidates biggest losses in seven weeks (21st May 21 at 9:29am UTC)
AUD/USD consolidates biggest losses in seven weeks above 0.7700


AUD/USD eases from intraday top while taking rounds to 0.7725-30, up 0.07% on a day, during early Thursday. In doing so, the Aussie pair licks the US inflation-led wounds amid mildly upbeat market sentiment.To get more news about WikiFX, you can visit wikifx.com official website.
  The early Asian announcement from the US Centers for Disease Control and Prevention (CDC), approving Pfizer's use of the covid-19 vaccine in adolescents age 12 and older, seems to have offered a fresh bid to the S&P 500 Futures amid a light calendar and empty feeds. Even so, the investors remain cautious after the latest strong support to reflation fears.
  Following the heavy US Consumer Price Index (CPI) print for April, 4.6% YoY versus 3.6% expected and 2.6% prior, the US Federal Reserve (Fed) officials rushed to defend their ideology of easy money. However, markets couldn‘t believe them and gained additional pessimism from CNN’s news suggesting a leading Democratic economist Larry Summers warning the White House on the ‘overheating’ issue.
  Elsewhere, Reuters came out with a piece of news citing the US sending an envoy to placate conditions in the Middle East after Israel killed Hamas commander.
  Against this backdrop, US 10-year Treasury yields wobble around 1.68% after rising the most in two months the previous day while stocks in Australia are mildly offered.
  Moving on, mixed updates concerning the coronavirus (COVID-19) may keep entertaining the AUD/USD traders, likely trimming the previous days losses. However, US Weekly Jobless Claims, monthly Retail Sales and Producer Price Index (PPI) will be the key to watch during the rest of the week.
  Technical analysis
  Although a break of 0.7820 keeps AUD/USD sellers hopeful, a convergence of 100-day SMA and an ascending support line from April 01, around 0.7720, followed by the 0.7700 threshold, become tough nuts to crack for the bears.
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