The Australian dollar remained under pressure in the final part of last week even as other developed country currencies like sterling and euro crawled back.
The AUD/USD price continued hovering near its two-year low ahead of the upcoming interest rate decision by the Reserve Bank of Australia .The RBA will conclude its two-day monetary policy meeting on Tuesday morning. Futures data show that analysts expect that the bank will deliver another big rate hike of 0.50% as it continues to fight the soaring inflation. As a result, the yield of the 10-year Australian government bonds rose to a year-to-date high of 4.1% last week.
Analysts expect that the terminal rate will hike to about 4% this year. The decision comes after recent data showed that the country’s inflation has started easing in the past few months. According to the bureau of statistics, the headline CPI dropped from 7% in July to 6.8% in August.rose from 6.1% to 6.2%. Still, according to Michele Bullock, RBA’s Deputy Governor, these numbers will likely not influence this week’s decision.
The most important figure will be America’s non-farm payrolls data that are scheduled for Friday of this week. Analysts expect these numbers to show that the labor market continued tightening in September. Another potential catalyst for the pair will be the upcoming OPEC meeting. According to Bloomberg, OPEC+ members are expected to cut supplies in a bid to boost prices.trend in the past few weeks. It crashed to a two-year low of 0.6364 last week and then pulled back slightly.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Forex Signal: Bulls Driving Price Up Past ResistanceMy previous GBP/USD signal on 20th September was not triggered, as the bearish price action took place above the resistance level which I had identified at $1.1
Read more »
EUR/USD Forex Signal: Recovery Set to Hit Key ResistanceThe $EURUSD price recovered modestly from its two-decade low in the final part of the week as investors bought the dip. Forex signal
Read more »
AUD/USD traders get set for this week's RBA key eventAUD/USD corrected from a key area on the charts on Friday with a test back through 0.64 the figure hardly left a mark on the downtrend that remains th
Read more »
AUD/USD Price Analysis: Test of a fresh two-year low at 0.6360 looks imminentAUD/USD Price Analysis: Test of a fresh two-year low at 0.6360 looks imminent – by Sagar_Dua24 AUDUSD Technical Analysis SupportResistance Momentum
Read more »
AUD/USD: Bulls face rejection near 0.6450 after pre-RBA bargain huntingAUD/USD is paring back gains towards 0.6400, having met fresh supply on a rejection near the 0.6450 psychological level. Bears are fighting back contr
Read more »
AUD/USD to suffer further losses towards 0.62 – Credit SuisseAUD/USD touched a new two-year low just under 0.64 on Friday. Economists at Credit Suisse expect the pair to extend its decline towards 0.62. Aussie
Read more »