AUD/USD battles 0.6900 after rejection at 50 DMA

• AUD/USD remains pressured amid growing recession fears.
• Expectations of a 75 bps RBA rate hike could rise on hotter Australian inflation.
• The aussie remains capped between 21 and 50 DMAs, as Fed remains in focus.

AUD/USD is consolidating the rebound from near the 0.6880 region, although remains under pressure amid broad risk-aversion.

Investors fret over a probable recession worldwide, as major central banks pledge to bring inflation under control by delivering bigger rate hikes.

Growing economic slowdown concerns offset 75 bps RBA rate hike expectations that could be ramped up should this week’s Australian inflation data come in hotter than expected.

Traders also await the much-awaited Fed rate hike decision for fresh dollar valuations. In the meantime, the aussie digest the comments from Prime Minister Anthony Albanese, as he requested China to remove its trade sanctions against Australia, in an effort to repair the fractured relationship.

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