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Market News AUD/USD Consolidates Below the mid-0.6500s as Attention Turns to RBA Minutes

AUD/USD Consolidates Below the mid-0.6500s as Attention Turns to RBA Minutes

The AUD/USD pair has maintained a positive trend for the past four days near 0.6530. The January US PPI exceeded expectations, increasing 0.3% month-over-month and 0.9% year-over-year. A wager on the financial markets is that the RBA will reduce interest rates in the middle of the year.

TOP1 Markets Analyst
2024-02-19
12174

AUD:USD 2.png 

 

The AUD/USD pair begins the week on a positive note during Monday's early Asian trading session. The pair's ascent is reinforced by the depreciation of the United States Dollar (USD). Presently trading near 0.6530, AUD/USD has lost 0.03% on the day.

 

The US Labor Department reported on Friday that the Producer Price Index (PPI) rose 0.3% month-over-month in January, following a 0.1% decline in December. The one-year increase of 0.9% for the gauge surpassed all expectations. The more robust data indicates an increase in inflationary pressures at the outset of 2024. The Federal Reserve (Fed), nevertheless, requires additional data prior to commencing interest rate reductions.

 

In the interim, escalating tensions in the Middle East could perhaps limit the upside of the duo. Hezbollah's leader, an organization supported by Iran, has declared that the conflict against Israel will expand in response to recent hostilities between the two countries. Consequently, this may generate favorable conditions for a safe-haven currency such as the US Dollar (USD), thereby obstructing the AUD/USD pair.

 

Rate cuts by the Reserve Bank of Australia (RBA) were not anticipated until after the Federal Reserve (Fed). August is being priced in by investors as the probable beginning of RBA rate decreases. Although inflation in Australia has declined, the central bank is unable to solely attribute this to the success of monetary policy.  

 

The minutes of the RBA meeting scheduled for January 30-31 are expected to be released on Tuesday, while the minutes of the FOMC meeting are due on Wednesday. Thursday will see the issuance of the Australian Judo Bank PMI data, and FOMC Vice Chair Jefferson is scheduled to speak later that day.

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