AUD/USD:Bears eye 0.6540 support on downbeat China inflation....

The AUD/USD bears are setting their sights on the support level of 0.6540 as a result of the recent downbeat inflation numbers from China and the tax proposal put forth by US President Biden. These factors have contributed to the bearish sentiment surrounding the currency pair, with investors closely monitoring any further developments that may impact its trajectory.
The pair is seeing a downtrend, hitting intraday lows due to weaker inflation numbers from China, which is a significant trade partner for Australia. Additionally, hawkish bets on the Federal Reserve and President Biden's budget proposal are contributing to the downside pressure on the pair, which is considered a risk-barometer. The latest Chinese Consumer Price Index and Producer Price Index came in below market expectations, with the former dropping to 1.0% YoY and the latter declining to -1.4% YoY in February. The risk-off mood in the market and the divergence between the Federal Reserve and the Reserve Bank of Australia's latest policy biases are also contributing to the bearish sentiment. The market's outlook remains uncertain as US data and other risk catalysts can offer immediate directions ahead of the all-important NFP. Investors are waiting for more details to predict Friday's top-tier employment data, which could influence the AUD/USD pair's movement.

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