AUD/USD pressing the 0.7380s after China data dump

• AUD/USD holds in the 0.7380s as Chinese data improves. 
• The US dollar is firm across the board, keeping to two-year highs.

AUD/USD was being pressured near the lows of the day in the 0.7380s albeit with no follow-through from the bears so far and the Chinese data dump can add support to the Aussie. Nevertheless, there is a lack of liquidity with Hong Kong out for Easter Monday, Australia and New Zealand. At 0.7385, the pair is down 0.1%.

• China’s GDP expands 4.8% YoY in Q1 2022 vs. 4.4% expected, AUD/USD uninspired

• China’s NBS: Economic operations still within reasonable range in Q1

The US dollar rose across the board, keeping to two-year highs vs a number of rivals with the DXY index holding in the 100s. More hawkish comments from Federal Reserve officials reinforced expectations for faster US policy tightening, tipping the balance in the US dollar's Favour. 

In the American session, investors will focus on the speech from the St. Louis Fed President and FOMC member James Bullard, which will provide insights into the likely monetary policy action by the Fed. However, the mega event will be the speech from Fed Chair Jerome Powell, which is due later this week.

'We are of the view that the Fed is broadly in-sync with the move toward the vicinity of neutral by the end of 2022, with Governor Brainard supporting that view recently. Chair Powell's remarks in an IMF panel on the global economy will get the focus of the attention,'' analysts at TD Securities explained.