The Australian dollar (AUD) moved lower in response to weak domestic Gross Domestic Product (GDP) growth figures. Given that headline inflation in Australia has eased to the central bank's target range of 2%-3%, slower growth could put pressure on the Reserve Bank of Australia (RBA) to respond with lower interest rates.
Furthermore, fresh US export curbs on China, concerns about China's fragile economic recovery, and tariffs to be imposed by US President-elect Donald Trump turned out to be other factors weighing on the China-proxy Australian currency.
On the other hand, the US dollar (USD) continued to be supported by expectations of a less dovish Federal Reserve (Fed), although investors preferred to wait for more cues on the future path of interest rate cuts.
This, in turn, helped the AUD/USD pair to hold above the weekly low and multi-month trough touched on Tuesday. Traders might also prefer to wait for Fed Chair Jerome Powell's speech later today. In addition, the US Nonfarm Payrolls (NFP) report will influence the US interest rate outlook and provide fresh directional impetus.
Source: FXStreet
The Australian dollar (AUD) held strong at the start of the week after strong Australian inflation data, while the US dollar weakened as market sentiment grew cautious due to the US-Greenland dispute....
The Australian Dollar is the best performer among major currencies in an otherwise calm start tobe the year. The Aussie appreciates nearly 0.5% against the US Dollar in the daily chart, so far, buoyed...
The Australian Dollar (AUD) continued to strengthen against the US Dollar (USD) on Wednesday, posting gains for the third consecutive day. The AUD's strength was driven by the release of the Reserve B...
The AUD/USD currency pair is currently in a bullish consolidation phase, a brief pause in its uptrend, and is hovering around the 0.6600 level during the Asian session on Friday (December 5th). This l...
The Australian Dollar (AUD) rose and reached a three-week high against the US Dollar (USD) during Wednesday's Asian session. This rise occurred despite less-than-satisfactory Australian economic data....
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...