The US Dollar (USD) kept its corrective mood in place at the beginning of the week, with the US Dollar Index (DXY) retreating further from its recent 2024 highs, breaking past the 107.00 mark.
AUD/USD added to Friday’s uptick and revisited the 0.6500 region. The Trump-led rally in the US Dollar continued to struggle. The RBA will publish its Minutes of its November 5 meeting on Tuesday. The US Dollar kept its corrective mood in place at the beginning of the week, with the US Dollar Index retreating further from its recent 2024 highs, breaking past the 107.00 mark. The Australia n Dollar , on the other hand, added to gains witnessed on Friday, reclaiming the 0.
While a possible rate cut by the Federal Reserve could provide a boost to AUD/USD, persistent inflation risks—particularly under a potential Trump administration—may keep the US Dollar strong, limiting any significant upside for the Aussie. Ongoing concerns about China’s economic outlook could also weigh on the AUD. On the economic data front, Australia’s latest labour market report showed the Unemployment Rate holding steady at 4.1% in October, with a modest increase in employment of 15.
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