The Australian dollar strengthened above $0.66 on Thursday, nearly recovering all of the previous session's losses, supported by a hawkish outlook from the Reserve Bank of Australia and optimism over potential stimulus measures in China.
On Wednesday, the Aussie had fallen as much as 1.9%, pressured by a sharp rally in the US dollar following Donald Trump's decisive victory in the US presidential election. The RBA noted that the impact of Trump's win on the Australian economy remains highly uncertain, with the central bank awaiting China's response to potential policy shifts.
This week, the RBA kept interest rates unchanged and signaled that its monetary policy would likely remain restrictive for the time being. Market participants are betting that Beijing will roll out more stimulus to counteract the threat of higher tariffs under a second Trump administration. Meanwhile, stronger-than-expected trade data from China further fueled optimism about the country's economic recovery.
Source : Trading Economics
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