The AUD/USD pair discovers buying interest from the intraday low of 0.6725 in Thursday’s New York session.
AUD/USD bounces back as the US Dollar falls after a short-lived pullback post US weekly jobless claims data. The upside in the US Dollar remains capped by optimism over Fed interest rate cuts in September. Australian Composite PMI returns to expansion in August. The Aussie asset is expected to resume its upside journey as the US Dollar retreats after the release of the United States Initial Jobless Claims report for the week ending August 16.
Market sentiment – whether investors are taking on more risky assets or seeking safe-havens – is also a factor, with risk-on positive for AUD. How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia influences the Australian Dollar by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole.
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