The Australian Dollar (AUD) snapped a four-day losing streak on Monday (16/12) as the US Dollar (USD) weakened amid US Treasury yields ahead of the Federal Reserve's (Fed) interest rate decision due on Wednesday.
The Fed is widely expected to announce a 25 basis point interest rate cut at its final monetary policy meeting of 2024. According to the CME FedWatch tool, markets are now almost fully pricing in a quarter basis point rate cut at the Fed's December meeting.
China Retail Sales (YoY) rose 3.0% in November, compared with a 4.6% forecast and a previous reading of 4.8%. Meanwhile, Industrial Production increased by 5.4% year-on-year, beating market consensus of 5.3%.
The Chinese government, led by President Xi Jinping, has pledged to raise its fiscal deficit target next year, shifting policy focus to consumption to boost the economy amid the threat of 10% US tariffs threatening exports. The lack of concrete details on fiscal support has weighed on the AUD, given China's status as Australia's largest trading partner.
Source: FXStreet
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