The Australian dollar holds near a nine-month high as the Reserve Bank of Australia (RBA) is expected to keep interest rates steady at 4.35%. Meanwhile, consumer confidence in Australia has increased slightly, while the US dollar faces potential challenges due to Fed policymakers projecting further rate cuts.
The Australian Dollar remains solid near nine-month high of 0.6839 as RBA is expected to maintain current rates at 4.35%. The ANZ-Roy Morgan Australia Consumer Confidence Index increased by 0.8 points this week, reaching 84.9. The US Dollar faces challenges as Fed policymakers project additional rate cuts totaling 50 basis points in 2024. The Australian Dollar inches higher against the US Dollar ahead of the Reserve Bank of Australia’s policy decision scheduled for Tuesday.
Commonwealth Bank has adjusted its expectation for the first Reserve Bank of Australia rate cut of 25 basis points, moving it from November 2024 to December 2024. This shift follows a robust employment rate and a continued hawkish outlook from the central bank, according to Yahoo Finance. Australian Employment Change came in at 47.5K in August, down from 48.9K in July, but well above the consensus forecast of 25.0K. The Unemployment Rate remained steady at 4.
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