The Australian dollar strengthened to around $0.657 on Friday (October 10), rebounding from a nearly two-week low. This gain came after RBA Governor Michele Bullock struck a cautious tone: services inflation remains sticky, second-quarter inflation was slightly above forecasts but trending upwards. She also emphasized the volatile monthly CPI data and said the labor market remains tight but is approaching equilibrium. The market also expects the RBA to hold interest rates (after keeping them at 3.6% in September).
Despite today's strength, the AUD is still headed for a slight weekly decline as the US dollar tends to strengthen, influenced by the prolonged government shutdown and the weakening of other major currencies. Looking ahead, the divergence in policy direction between the RBA and the Fed could support the AUD, given that the market expects a strong chance of the Fed cutting interest rates in October and December amid concerns about the US labor market. (az)
Source: Newsmaker.id
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