The Australian Dollar soared 0.83% against the US Dollar on Wednesday as the Federal Reserve held rates steady while maintaining their monetary policy outlook from last year, with 75 basis points (bps) of rate cuts in 2024.
AUD up 0.83% vs. USD after Fed holds policy steady. Wall Street up, praises US economy, labor strength post-Fed. US 10-year yield dips, Dollar Index down, hints AUD/USD rise. Mixed Australia PMI, strong job outlook may sway RBA policy. The Australian Dollar soared 0.83% against the US Dollar on Wednesday as the Federal Reserve held rates steady while maintaining their monetary policy outlook from last year, with 75 basis points of rate cuts in 2024.
8, while the Services PMI rose from 53.1 to 53.5. The Composite Index came at 52.4, up from 52.1. AUD/USD traders’ eye further data from Australia, with the jobs market expected to add 40,000 people to the workforce. That would lower the unemployment rate, from 4.1% to 4%. A strong reading could suggest the Reserve Bank of Australia should stick to its current stance and shrug off speculations of the first-rate cut in August.
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