(Bloomberg) -- The yen’s two-month freefall looks to be over as slowing growth in China and expected damage to the US economy from Federal Reserve rate hikes bolster its haven credentials, strategists say.Most Read from BloombergNike Escalates StockX Feud, Says Site Is Selling Fake ShoesDon’t Bother Paying Off Student Loan Debt Right Now, Advisers SayCrypto Billionaires’ Vast Fortunes Are Destroyed in WeeksKim Orders Lockdown After North Korea Reports First Covid CaseUkraine Latest: Germany Can
The direction of the AUD/USD on Thursday is likely to be determined by trader reaction to .6945.
The U.S. dollar strengthened in early European trade Thursday to a new two-decade high after U.S. inflation remained stubbornly high, while sterling weakened on disappointing U.K. growth data. While this number suggested inflation may have peaked in the U.S., it remained persistently high meaning the Federal Reserve's current monetary policy plans to aggressively raise interest rates in the months ahead will remain intact. The market is fully priced for at least a half percentage point increase to the policy rate at each of the next two Fed decisions, on June 15 and July 27.
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