On Thursday, increased post-Fed selling interest in the US dollar (USD) provided additional support for risk-related assets, allowing AUD/USD to continue its bullish momentum for the fourth consecutive day and hit fresh 2024 peaks near 0.6840l.
AUD/USD advanced further and surpassed the 0.6800 barrier. The Dollar remained on the defensive as investors digested the Fed’s cut. Australia n jobless rate held steady at 4.2% in August. On Thursday, increased post-Fed selling interest in the US dollar provided additional support for risk-related assets, allowing AUD/USD to continue its bullish momentum for the fourth consecutive day and hit fresh 2024 peaks near 0.6840l.
On this, the RBA will join the global easing cycle later this year, as underlying economic activity remains weak and suggests lower inflation pressures. Furthermore, the market is currently pricing in a high likelihood of around 70% of a 25 basis point cut by December. Looking ahead, with the Federal Reserve's anticipated rate cuts largely priced in and the RBA expected to maintain a restrictive stance for some time, AUD/USD could experience some extra improvement later this year.
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