Further selling interest in the US Dollar (USD) lent extra support to the risk-associated space on Wednesday, with AUD/USD extending its bullish momentum for the third straight day and flirting with three-week tops just below 0.6800 the figure.
AUD/USD added to the weekly upside bias and retested 0.6790. The Dollar traded on the defensive as investors waited for the Fed. The Fed is widely expected to cut rates later on Wednesday. Further selling interest in the US Dollar lent extra support to the risk-associated space on Wednesday, with AUD/USD extending its bullish momentum for the third straight day and flirting with three-week tops just below 0.6800 the figure.
Nevertheless, market futures indicate about an 85% chance of a 25 bps cut by the end of the year, suggesting the RBA could be among the last G10 central banks to initiate rate reductions. Looking ahead, with the Federal Reserve's expected rate cuts already largely priced in and the RBA likely to maintain restrictive policies for some time, the AUD/USD pair could see further gains later this year. However, the slow recovery of the Chinese economy remains a significant obstacle.
Currencies Recommended Australia RBA
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD Price Forecast: Price is at a crossroads – is it correcting or reversing lower?AUD/USD has been in an uptrend all through August. It reached a new peak of 0.6824 on August 29 and then pulled back.
Read more »
AUD/USD Price Forecast: Next on the upside comes 0.6800 and aboveThe resurgence of the selling bias in US Dollar (USD) lent much-needed oxygen to the risk-associated universe, favouring another positive day in the Australian currency and thus sending AUD/USD higher to the vicinity of the 0.6700 neighbourhood on Thursday.
Read more »
AUD/USD Price Forecast: Extra rebound hinges on USDThe US Dollar (USD) maintained its bearish mood and added to losses recorded in the previous day, boosting risk-linked assets and allowing AUD/USD to rebound past 0.6700 the figure on Thursday.
Read more »
AUD/USD Price Forecast: Bulls need to clear 0.6800 to allow for extra gainsAUD/USD came short of the key barrier at 0.6800 the figure on Monday, retreating modestly on the back of an acceptable recovery in the US Dollar (USD), which regained some balance in the wake of Friday’s Powell-induced pronounced sell-off.
Read more »
AUD/USD Price Forecast: Extra gains remain on the table near termAUD/USD regained momentum at the beginning of the week, managing to come just pips away from the key level of 0.6800.
Read more »
AUD/USD Price Forecast: Further volatility is not ruled outThe US Dollar (USD) reversed part of Tuesday’s gains on Wednesday, lending support to the risk-related assets and thus triggering a decent rebound in AUD/USD, which regained the 0.6750 zone following a brief drop to the sub-0.6700 region.
Read more »