The US Dollar (USD) faced renewed downside pressure on Wednesday, adding to Tuesday’s pullback and slipping closer to the key 106.00 support level once again as tracked by the Dollar Index (DXY).
AUD/USD dropped to four-month lows around the 0.6400 zone. The US Dollar traded slightly on the defensive on poor data releases. The Australia n GDP figures disappointed expectations in Q3. The US Dollar faced renewed downside pressure on Wednesday, adding to Tuesday’s pullback and slipping closer to the key 106.00 support level once again as tracked by the Dollar Index . In the same line, the Australia n Dollar faced a strong bout of selling pressure, hitting four-month lows near the 0.
For now, any talk of rate cuts remains premature. What’s Next for AUD/USD? The Aussie faces a mixed bag of risks and opportunities in the months ahead. A pivot from the Federal Reserve toward rate cuts could give the currency a boost. However, persistent US inflation and the ongoing strength of the Greenback remain headwinds. China’s economic slowdown continues to cast a long shadow over Australia’s growth prospects.
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