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Australian Dollar edged up on Wednesday ahead of US CPI
The post Australian Dollar edged up on Wednesday ahead of US CPI appeared on BitcoinEthereumNews.com. AUD made mild gains on Wednesday against the USD. Markets are still deciphering Jerome Powell’s cautious stance, which limits traction for USD. RBA’s hawkish stance provides stable support for Aussie. The Australian Dollar (AUD) continued its positive trend against the USD on Wednesday, mildly rising near 0.6750. Despite no significant pertinent events down the line for the Australian financial scene this week, the pair still maintains its stronghold, with the AUD continuing its recent gains. On the US side, markets await clues on the Federal Reserve’s (Fed) plans. The Reserve Bank of Australia (RBA) is set to be among the last G10 nations’ central banks to initiate rate cuts, a factor that boosts the AUD. Updated daily market movers: AUD holds ground after Powell’s words Jerome Powell on Wednesday emphasized the need to pay elevated attention to the labor market, citing that it has significantly deteriorated. In addition, he expressed a degree of confidence regarding the downward movement of inflation. He stated that achieving price stability without hurting employment is achievable but didn’t provide a specific inflation or unemployment figure as a benchmark for deciding on rate cuts. US CPI figures, coming on Thursday, will be crucial. The headline is projected to decrease slightly to 3.1% YoY, while the core is anticipated to remain steady at 3.4% YoY. On the RBA’s side, markets bet on nearly a 50% chance of a hike in September or November. On the Fed’s side, investors are confident in an 80% likelihood of a cut in September. Technical analysis: AUD/USD’s gains continue, consolidation expected The AUD/USD continues on a rising trajectory, resulting in the pair making gains on Wednesday. The outlook remains positive with indicators including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) holding strong in deep positive territory. Following the…
The post Australian Dollar edged up on Wednesday ahead of US CPI appeared on BitcoinEthereumNews.com.
AUD made mild gains on Wednesday against the USD. Markets are still deciphering Jerome Powell’s cautious stance, which limits traction for USD. RBA’s hawkish stance provides stable support for Aussie. The Australian Dollar (AUD) continued its positive trend against the USD on Wednesday, mildly rising near 0.6750. Despite no significant pertinent events down the line for the Australian financial scene this week, the pair still maintains its stronghold, with the AUD continuing its recent gains. On the US side, markets await clues on the Federal Reserve’s (Fed) plans. The Reserve Bank of Australia (RBA) is set to be among the last G10 nations’ central banks to initiate rate cuts, a factor that boosts the AUD. Updated daily market movers: AUD holds ground after Powell’s words Jerome Powell on Wednesday emphasized the need to pay elevated attention to the labor market, citing that it has significantly deteriorated. In addition, he expressed a degree of confidence regarding the downward movement of inflation. He stated that achieving price stability without hurting employment is achievable but didn’t provide a specific inflation or unemployment figure as a benchmark for deciding on rate cuts. US CPI figures, coming on Thursday, will be crucial. The headline is projected to decrease slightly to 3.1% YoY, while the core is anticipated to remain steady at 3.4% YoY. On the RBA’s side, markets bet on nearly a 50% chance of a hike in September or November. On the Fed’s side, investors are confident in an 80% likelihood of a cut in September. Technical analysis: AUD/USD’s gains continue, consolidation expected The AUD/USD continues on a rising trajectory, resulting in the pair making gains on Wednesday. The outlook remains positive with indicators including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) holding strong in deep positive territory. Following the…
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