The Australian dollar appreciated to above $0.650 on Thursday, extending its rally for the third consecutive session, supported by tempered expectations of another near-term rate cut from the Reserve Bank of Australia. Market pricing now implies only around 34 basis points of additional easing for the rest of 2025, with the likelihood of a September move slipping to about 25%.
Analysts expect the central bank to wait until the November meeting before resuming its easing cycle. The Aussie also drew support from a softer US dollar, as traders ramped up bets on a September Fed rate cut after New York Fed President John Williams signaled the option was on the table.
Sentiment was further shaped by President Donald Trump's bid to expand his sway over the central bank by seeking to oust Fed Governor Lisa Cook in favor of a more dovish nominee. Adding to the upbeat tone, local data showed business investment ticked higher in the June quarter, with strength in data centres and logistics.
Source: Trading Economics
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