The US Dollar added to Friday’s gains and kicked off the new trading week on a robust note, helped by the continuation of the so-dubbed “Trump trade”, lifting the US Dollar Index (DXY) to new four-month highs around 105.70.
AUD/USD added to Friday’s pullback and broke below 0.6600 once again. The “Trump trade” continued to underpin the move higher in the US Dollar. Chinese inflation figures lost further impulse in October. The US Dollar added to Friday’s gains and kicked off the new trading week on a robust note, helped by the continuation of the so-dubbed “Trump trade”, lifting the US Dollar Index to new four-month highs around 105.70.
Furthermore, RBA Governor Michele Bullock, in her subsequent press conference, struck a balanced tone, implying that the current interest rate level is appropriate for now. Markets anticipate a potential rate cut in May 2025, positioning the RBA as one of the last G10 central banks to consider easing. Australia's latest inflation figures showed a cooling trend, with September's CPI slowing to 2.1% and the Q3 annual rate at 2.8%.
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