AUD/USD consolidates below 0.6800 with Fed Powell’s speech in focus.
Firm speculation for Fed rate cuts in September has resulted in cheerful market mood.
Investors await the US Retail Sales and Aussie Employment for June.
The AUD/USD pair consolidates below the crucial resistance of 0.6800 in Monday’s American session. The Aussie asset struggles for a direction as investors await Federal Reserve (Fed) Chair Jerome Powell’s speech, which is scheduled at 16:30 GMT.
In his latest comments at semi-annual Congressional testimony on Tuesday-Wednesday last week, Powell admitted that the central bank has made some progress on inflation. However, he reiterated the need of soft inflation data for months to gain confidence for rate cuts. The commentary from Fed Powell is expected to be favoring early cuts as the Consumer Price Index (CPI) report for June, released on Thursday, showed that price pressures have softened further.
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