The US Dollar (USD) maintained its bearish mood and added to losses recorded in the previous day, boosting risk-linked assets and allowing AUD/USD to rebound past 0.6700 the figure on Thursday.
AUD/USD kept the upside traction in place and added to Wednesday’s gains. The Dollar remained on the back foot on further easing of the labour market. Australia ’s trade surplus widened to more than A$6.0B in July. The US Dollar maintained its bearish mood and added to losses recorded in the previous day, boosting risk-linked assets and allowing AUD/USD to rebound past 0.6700 the figure on Thursday.
Despite this, RBA cash rate futures still indicate a high likelihood of around 85% of a 25 bps cut by year end. All in all, the RBA is expected to be the last among G10 central banks to begin cutting rates. However, with almost fully priced-in rate cuts from the Federal Reserve on the horizon and the RBA likely to maintain a restrictive policy for an extended period, AUD/USD could see further gains in the latter part of the year.
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