Aussie Under Pressure, Any News of a Savior?
The Australian dollar (AUD) is still struggling below $0.650 after September's jobs data made the market increasingly confident that the RBA could cut 25 basis points in the near future. The unemployment rate unexpectedly rose to 4.5% (the highest since 2021), and the probability of a cut at the next meeting jumped to around 70%—that's what's holding the AUD down.
Next in focus: flash PMI figures later this week and Q3 CPI on October 29, two releases that could confirm the RBA's November policy direction. On the positive side, the recently signed US-Australia critical minerals pact between Trump and Albanese has the potential to channel billions of dollars into local mining projects—this sentiment could limit AUD weakness while the market awaits developments on US-China trade ahead of the anticipated Trump-Xi meeting. (az)
Source: Newsmaker.id