The US Dollar (USD) traded in an irresolute fashion on Monday, gyrating around the key 106.00 zone when gauged by the Dollar Index (DXY).
AUD/USD bounced sharply and revisited the 0.6470 zone. The US Dollar kept a vacillating tone at the beginning of the week. The RBA is expected to keep its OCR unchanged on Tuesday. The US Dollar traded in an irresolute fashion on Monday, gyrating around the key 106.00 zone when gauged by the Dollar Index . Meanwhile, the Australia n Dollar managed to regain strong balance, staging a pronounced rebound to the 0.6470 region after bottoming out near 0.6380 during early trade.
While the broad consensus points to the same outcome on December 10, the loss of momentum in the Australian economic activity could pave the way for a potential dovish tilt in the bank’s statement, potentially opening the door to a rate cut in early 2025, rather than around May. What Lies Ahead for AUD/USD? The Australian Dollar faces a challenging road ahead.
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