AUD/USD flows: Eventful Weekend
U.S. Steps Up Planning for Possible Action in Iran
Federal prosecutors open probe into Fed chair Powell amid renovation scrutiny
It has proven to be an eventful weekend as we see geopolitical risk and Fed independency on the cards. As Iran protest continues, it seems to see the U.S. began looking into potential scenarios and could flare up geopolitical tension further. And Trump did not stop there, it is reported on late Friday that Federal prosecutors has opened probe into Fed chair Powell amid renovation scrutiny, which Powell calls out to be a witch hunt. While it is not the first time Trump pressuring the Fed to cut rates, it is the first time a likely criminal investigation to be started against the Fed Chair.
Gold jumped from these headlines and is seen supporting the Aussie. AUD/USD originally opened a few pips lower on strong USD but have since recovered and further rose to 0.22% higher at 0.6700.