n early Tuesday. In doing so, the Aussie pair also justifies the sluggish markets amid a light calendar and mixed concerns about the US Federal Reserve , especially after the recent downbeat US data. With this, the Aussie pair fails to react to the mid-tier data at home.
Australia’s first quarter Current Account Balance came in 12.3 billion versus 5.175 billion expected and 14.1 billion prior. With this, the hawkishbets gain momentum but fail to underpin the AUD/USD pair ahead of the central bank’s rate verdict. On the other hand, the US ISM Services PMI declined to 50.3 for May versus 51.5 expected and 51.9 prior whereas growth of the Factory Orders also deteriorated during the stated month to 0.4% versus 0.5% market forecasts and 0.9% previous readings. It should be noted that the final readings of S&P Global Composite PMI and Services PMI also marked softer figures for May.
It’s worth noting that the market’s bets on the Fed’s June rate hike dropped from around 80% in the middle of the last week to nearly 25% after the downbeat US data. The same could have joined an absence of the Fed talks to weigh on the US Treasury bond yields and the. However, hawkish comments from International Monetary Fund Managing Director Kristalina Georgieva and concerns about the need for the US large banks to hold more capital to battle the landing crisis prod the AUD/USD buyers.
Amid these plays, Wall Street closed in the red whereas S&P500 Futures print mild losses by the press time. Furthermore, the US 10-year Treasury bond yields remain pressured around 3.68%, after reversing Friday's rebound the previous day, whereas the two-year bond coupons also defend the week-start bearish bias near 4.46% by the press time.unchanged with a 3.85% benchmark rate.
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