The Aussie pair edged sharply lower on Thursday, ending the American session below the 0.7100 level. The pair gave up on the risk-averse environment exacerbated by the European Central Bank monetary policy decision. Overheating inflation and slowing economic growth are the main themes across the globe, and the ECB has upwardly revised its forecast on the first while downgrading its view on the latter.
Global stocks went down, mirroring the bleak market mood and weighing on the safe haven curreny AUD/USD. The US Dollar retained its strength at the end of the US session, as US government bond yields stand marginally higher on a daily basis. However, the yield on the 10-year Treasury note reached a fresh multi-week peak of 3.073%.
Looking forward for today the US will release inflation figures, the monthly Consumer Price Index and later on the Prelim UoM Consumer Sentiment.
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