The AUD/USD holds above the 0.6400 area during the Asian session on Monday. The uptick of the Aussie (AUD) is supported by the weakening of the US Dol
lar and the easing fear of China’s deflation. The pair currently trades near 0.6425, up 0.75% on the day.
According to the CME FedWatch Tool, the markets have been priced in the possibility of a 93% rate hold at the September meeting and a 43.5% chance of a rate hike at the November meeting. Adding to this, the upbeat US economic data last week lends support to the higher for longer interest rate narrative in the US. This, in turn, might lift the US Dollar and cap the upside of the AUD/USD.
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