Australian Dollar Falls Amid Trump Trades Optimism
06 November 2024 - 3:38AM
RTTF2
The Australian dollar weakened against other major currencies in
the Asian session on Wednesday, as optimism over the U.S.
presidential election as early results show Republican candidate
Donald Trump surging ahead of Democratic candidate Kamala
Harris.
Traders also remain cautious ahead of the U.S Fed's interest
rate decision tomorrow.
The Fed is widely expected to lower interest rates by another 25
basis points, but traders will be looking to the accompanying
statement for clues about the likelihood of future rate cuts.
Tuesday, the Australian dollar strengthened against other major
currencies in the Asian session, after Australia central bank
maintained its interest rate for the eighth straight session at a
13-year high, as underlying inflation remains too high.
The policy board of the Reserve Bank of Australia governed by
Michele Bullock decided to hold the cash rate target at 4.35
percent. The bank had previously changed its rate in November 2023,
when it was lifted by 25 basis points to the highest level since
late 2011.
In the Asian trading today, the Australian dollar fell to nearly
a 3-month low of 0.6512 against the U.S. dollar, from an early
nearly a 2-week high of 0.6642. The aussie may test support around
the 0.63 region.
Against the Canadian dollar, the aussie slid to nearly a 2-month
low of 0.9073 from yesterday's closing value of 0.9174. On the
downside, 0.93 is seen as the next support level for the
The aussie edged down to 1.1002 against the NZ dollar, from
Tuesday's closing value of 1.1045. The next possible support level
for the aussie is seen around the 1.11 region.
Against the euro and the yen, the aussie edged down to 1.6494
and 100.28 from an early 8-day highs of 1.6416 and 101.02,
respectively. If the aussie extends its downtrend, it is likely to
find support around 1.67 against the euro and 98.00 against the
yen.
Looking ahead, PMI reports from European economies and U.K. for
October and Eurozone PPI for September are slated for release in
the European session.
In the European session, U.S. MBA weekly mortgage approvals
data, Canada Ivey PMI for October and U.S. EIA crude oil data are
scheduled for release.
AUD vs NZD (FX:AUDNZD)
Forex Chart
Von Okt 2024 bis Nov 2024
AUD vs NZD (FX:AUDNZD)
Forex Chart
Von Nov 2023 bis Nov 2024
