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AUD/USD Pair Slides as Market Sentiment Weighs on Australian Dollar

Elena by Elena
09/10/2024
in FED, News
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The AUD/USD currency pair has encountered renewed selling pressure, experiencing a decline following an intraday rise to the 0.6760 mark. This drop marks the fifth consecutive day of negative movement, with spot prices slipping to the 0.6725-0.6720 range during the early European session, nearing a three-week low reached on Tuesday. Current trading activity has brought the pair close to the 50-day Simple Moving Average (SMA), indicating bearish sentiment.

The Australian Dollar’s (AUD) ongoing struggles can be attributed to disappointment regarding recent stimulus updates from China. The National Development and Reform Commission of China reported on Tuesday that the economy is facing increasingly complex internal and external challenges, failing to announce any substantial new stimulus measures. This development has overshadowed the hawkish tone reflected in the Reserve Bank of Australia‘s (RBA) September meeting minutes.

In the U.S., investors are reassessing expectations for aggressive policy easing by the Federal Reserve (Fed), especially in light of a resilient labor market. Consequently, the yield on the benchmark 10-year U.S. government bond remains elevated above the 4% mark, while the U.S. Dollar Index (DXY), which measures the Greenback against a basket of currencies, hovers near a seven-week high achieved last Friday. Additionally, a generally weaker sentiment in equity markets has bolstered demand for the safe-haven U.S. dollar, further pressuring the risk-sensitive Australian dollar.

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Given this backdrop, the AUD/USD pair is likely to continue its retracement from the recent peak of 0.6940-0.6945 reached last month. However, bearish traders appear hesitant to make fresh bets, opting to await clearer indications regarding the Fed’s potential rate-cut strategy. Market attention will remain fixed on the release of the FOMC meeting minutes later today, followed by the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) reports scheduled for Thursday and Friday, respectively.

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Related Topics:

  • Is It Better to Exchange US Dollars in Canada?
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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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