The Australian dollar edged higher to around $0.654 on Friday, marking its fourth consecutive session of gains to hit a two-week high, as the US dollar remained under pressure.
The greenback continued to struggle from mounting expectations of a Federal Reserve rate cut next month as Governor Christopher Waller signaled support for easing, while President Donald Trump's removal of Fed Governor Lisa Cook raised fresh concerns about the central bank's independence.
The AUD also drew strength from stronger-than-expected domestic inflation, tempering market bets on near-term rate cuts from the Reserve Bank of Australia.
Still, minutes from the central bank's August meeting suggested that further reductions in the cash rate are likely over the coming year, with the pace and timing dependent on upcoming data and global risks. Investors now look ahead to the upcoming manufacturing PMI for fresh insights on the country's economic momentum.
Source: Trading Economics
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