The Australian dollar began the last trading day of the week, trading around 0.6700 but slipped to new YTD lows, below the S1 daily pivot, before recovering some ground after
showed that inflation expectations dipped, a sign of relief for investors. Therefore, the AUD/USD is trading at 0.6704, above its opening price by 0.04%.Of late, the University of Michigan Consumer sentiment survey in September slightly improved but missed estimations of 60.0. The Consumer Sentiment rose by 59.5 vs. 58.6 in the prior month, while inflation expectations in a 1-year horizon slumped to 4.6% from 4.8% in August.
Even though inflation expectations are lower, market participants have fully priced in a Fed’s 75 bps rate hike in the September meeting. Sources cited by Bloomberg said, “Everything points to another 75 basis-point rate hike by the Fed when it meets next week. The likelihood that it will have to go ‘big’ again in November is elevated, too.”
In the meantime, the US Dollar Index, a measure of the buck’s value, edges lower by 0.21%, down at 109.511, undermined by US Treasury bond yields, taking a respite, with the 10-year benchmark note rate at 3.432%, below the highest level reached around 3.49%.said that the bank is committed to returning inflation to the 2-3% bank target over time but trying to achieve it, without damaging the economy.
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