AUD/USD regained momentum at the beginning of the week, managing to come just pips away from the key level of 0.6800.
AUD/USD resumed its uptrend and came just short of 0.6800. The Dollar traded in an inconclusive fashion following the US holiday. Chinese business activity in the manufacturing sector disappointed in August. This upward movement in the Australia n dollar occurred following an inconclusive start to the week in the US Dollar , following the inactivity in the US markets due to the Labor Day holiday.
The minutes highlighted persistent inflationary pressures and market expectations of possible rate cuts in late 2024. Also aligning behind a hawkish narrative, RBA Deputy Governor Andrew Hauser argued that they were not yet as confident that inflation in Australia was on a sustainable path back to target. As a result, he indicated that rates would need to be held steady for the time being. However, a drop in the Melbourne Institute inflation gauge to a three-year low of 2.
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