AUD/USD extended its rejection from recent multi-week tops around 0.6760 (August 21), although some initial contention seems to have turned up around the 0.6700 region on Thursday.
AUD/USD added to Wednesday’s decline and revisited 0.6700. The strong bounce in the Dollar put the pair under pressure. The focus is expected to shift toPowell’s speech on Friday. AUD/USD extended its rejection from recent multi-week tops around 0.6760 , although some initial contention seems to have turned up around the 0.6700 region on Thursday. The pair’s ongoing upward movement is supported by the recent breakout of the always-relevant 200-day SMA at 0.
The case for an increase was bolstered by ongoing underlying inflation and the need to counteract market expectations of multiple rate cuts later in 2024. Ultimately, members decided that maintaining the current cash rate target was the better course. They also agreed that a rate cut in the near term is unlikely, though future changes to the rate target remain a possibility. Overall, the RBA is expected to be the last among the G10 central banks to begin cutting interest rates.
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