AUDUSD: Asian foreign exchange market is quiet, USD recovers
Wednesday saw limited movement in the majority of Asian currencies, but the dollar continued its recent upward trend as several Federal Reserve officials cautioned against placing bets that the central bank would stop rising interest rates.
Due to the markets' desire for additional clues regarding US monetary policy, Fed Chairman Jerome Powell's next speech will be the main event of interest.
Because traders are still wary of any aggressive signals from the Fed, sentiment toward Asian markets is still muted. Regional markets have become less appealing to traders due to indications of China's ongoing economic difficulties.
The Australian dollar rose 0.1%, recovering slightly after dovish signals from the Reserve Bank of Australia sent the currency down nearly 1% on Tuesday.
Due to the markets' desire for additional clues regarding US monetary policy, Fed Chairman Jerome Powell's next speech will be the main event of interest.
Because traders are still wary of any aggressive signals from the Fed, sentiment toward Asian markets is still muted. Regional markets have become less appealing to traders due to indications of China's ongoing economic difficulties.
The Australian dollar rose 0.1%, recovering slightly after dovish signals from the Reserve Bank of Australia sent the currency down nearly 1% on Tuesday.
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