- The AUD/USD takes a hit, trading at around 0.6505, as US debt ceiling discussions fail to conclude and tech stocks gain momentum due to rising interest in AI.
- The US economy demonstrates resilience with robust Retail Sales, Industrial Production, and a firm labor market, countering rising Initial Jobless Claims.
- Debt ceiling deadlock stirs fears over US AAA rating; Yellen warns of potential cash crunch by June.
AUD/USD tanks as Thursday’s North American session begins, amidst mixed market sentiment, with US debt ceiling discussions being the center stage, while the AI frenzy has taken tech stocks higher. In the meantime, the United States (US) economy is proving resilient amidst the recent data released. At the time of writing, the AUD/USD is trading at around 0.6511 after hitting a six-month low of 0.6503.
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