The Australian Dollar (AUD) alternated gains with losses despite the ongoing upward trend in the Greenback, motivating AUD/USD to hover around the area of multi-week lows near 0.6450 at the beginning of the week.
AUD/USD looks so far contained around the mid-0.6400s. The pair remains under pressure amidst strong dollar and Chinese uncertainty. Attention now shifts to key Chinese results on Tuesday. The Australia n Dollar alternated gains with losses despite the ongoing upward trend in the Greenback, motivating AUD/USD to hover around the area of multi-week lows near 0.6450 at the beginning of the week.
Furthermore, futures for the RBA cash rate indicate an expectation of approximately 50 bps of rate cuts in 2024, with the first cut potentially occurring in December. It is noteworthy that the RBA – now along with the Fed - is now one of the last G10 central banks expected to consider adjusting interest rates this year.
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