On Monday, the selling pressure returned to the US Dollar (USD), causing AUD/USD to quickly leave behind Friday’s retracement and embark on a further recovery north of 0.6600 the figure, or multi-day peaks.
AUD/USD advanced to multi-day highs past the 0.6600 barrier. The US Dollar faced quite a marked selling pressure ahead of the US election. The RBA is largely expected to keep its interest rate unchanged on Tuesday. On Monday, the selling pressure returned to the US Dollar , causing AUD/USD to quickly leave behind Friday’s retracement and embark on a further recovery north of 0.6600 the figure, or multi-day peaks.
Although disinflationary trends are emerging, they may not yet be sufficient for the RBA to begin easing its policy cycle. Currently, the market assigns only a 15% probability to a 25-basis-point rate cut by December and less than a 50% chance of a rate reduction in February. Overall, the RBA is likely to remain among the last G10 central banks to lower rates as both growth and inflation begin to moderate.
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