AUDUSD snaps the series of lower highs and lows carried over from last week even as the Federal Reserve delivers a 75bp rate hike in June, and the exchange rate may stage a larger recovery over the coming days as it appears to be reversing course ahead of the yearly low (0.6829). AUD/USD quickly retraces the decline following the Federal Open Market Committee (FOMC) interest rate decision as Chairman Jerome Powell tames speculation for a 100bp rate hike, with the central bank head indicating that a 50bp or a 75bp increase could be appropriate at its next meeting in July. {chart} The comments suggest the FOMC will ... (full story)