The Australian Dollar (AUD) edged lower against the US Dollar (USD) on Thursday.
The Australia n Dollar loses ground despite the hawkish RBA’s policy outlook. The AUD inches lower as the US Dollar appreciates amid less-dovish sentiment surrounding the Fed. CME FedWatch Tool suggests a 97% chance of a 25-basis-point rate cut by the Fed in November. The Australia n Dollar edged lower against the US Dollar on Thursday. However, the AUD/USD pair saw some gains as the US Dollar softened slightly due to a modest decline in US Treasury yields.
On Monday, Federal Reserve Bank of Minneapolis President Neel Kashkari highlighted that the Fed is closely monitoring the US labor market for signs of rapid destabilization. Kashkari cautioned investors to anticipate a gradual pace of rate cuts over the coming quarters, suggesting that any monetary easing will likely be moderate rather than aggressive. The People's Bank of China reduced the 1-year Loan Prime Rate to 3.10% from 3.35% and the 5-year LPR to 3.60% from 3.
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