Australian Dollar Holds Near Six-Week Low
Australian Dollar Holds Near Six-Week Low The Australian dollar held steady above $0.665 on Tuesday, but remained near a six-week low as the U.S. dollar and Treasury yields strengthened on signs the U.S. economy remains resilient and the chances of a Trump victory in November's election increase.
Markets still expect the Federal Reserve to cut interest rates again in November and December, but have reduced bets on further policy easing next year. Domestically, Reserve Bank of Australia Deputy Governor Andrew Hauser said earlier this week that strong job growth was a minor surprise, while indicating the central bank was prepared to respond in either direction depending on incoming data.
Data last week showed Australia's economy added 64,100 jobs in September, well above forecasts of 25,000, while the unemployment rate remained at 4.1%. Investors now await the latest PMI report for further guidance.
Source: Trading Economics
