The US Dollar (USD) had a very positive day on Wednesday, regaining upside traction in a strong fashion against the backdrop of alleviating geopolitical concerns and mixed US yields across the curve.
AUD/USD resumed its downtrend and breached 0.6500. The Aussie Dollar faces initial hurdle at 0.6550 in the near term. Investors’ focus shifts to the speech by the RBA ’s Bullock on Thursday. The US Dollar had a very positive day on Wednesday, regaining upside traction in a strong fashion against the backdrop of alleviating geopolitical concerns and mixed US yields across the curve. Against this unfavourable atmosphere, the Australia n Dollar performed poorly, receding to the sub-0.
However, the possibility of a Trump presidency and the inflationary risks it might bring could keep the USD strong, limiting any substantial upside for the Australian currency. Furthermore, China’s economic performance remains a persistent drag on AUD sentiment. Even so, Australia’s labour market continues to display strength. October’s unemployment rate held steady at 4.1%, with nearly 16K jobs added. Still around the RBA, the Minutes highlighted the central bank’s cautious stance.
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