US Dollar Steady, AUD Under Pressure
The Australian Dollar (AUD) declined against the US Dollar (USD) on Friday, continuing its downtrend for two consecutive days. The AUD/USD pair retreated from an eight-month high of 0.6625 reached on Thursday, indicating selling pressure from market participants.
Traders are monitoring developments in trade negotiations between the United States and major trading partners, including China, Australia's largest trading partner. US Treasury Secretary Scott Bessent announced that US and Chinese officials will meet in Stockholm next week for the third round of high-level talks, which the market is eagerly awaiting.
Reserve Bank of Australia (RBA) Governor Michele Bullock, at an Anika Foundation event in Sydney, reiterated her commitment to maintaining low and stable inflation. Bullock also expressed concerns about ongoing global economic uncertainty, which could impact Australian growth.
This situation has put pressure on the Australian Dollar, while the US Dollar remains strong, seen as a safe haven asset as markets await the outcome of trade negotiations and global economic developments. Market players remain cautious regarding various global factors that could affect exchange rates. (ayu)
Source: Newsmaker.id