AUD/USD drops from 2-week highs to a fresh daily low on Fed’s Bullard comments

• US Dollar rose across the board after Fed’s Bullard dismisses calls for 50 basis point cut. 
• More Fed talk coming with Powell’s speech at in a few minutes. 

The AUD/USD pair was trading at the highest in two weeks and looking for a potential test of the 0.7000 but suddenly dropped 25 pips in a few minutes. The decline was triggered by Fed’s Bullard comments. 

St. Louis Fed President Bullard answered in an interview with Bloomberg that a 50 basis points rate cut in July would be "overdone." The greenback rose across the board after those comments. It trimmed losses and printed fresh highs versus the Euro and the Pound. 

Equity prices in the US dropped to test daily lows as AUD/USD fell from 0.6977 to 0.6950. As of writing trades at 0.6955/60, moving slowly of session lows. Markets participants now await Powell’s speech.