Skip to content AUDUSD Fundamental Analysis – 15-October-2024
The Australian dollar remains low, trading around $0.672 on Tuesday, close to its lowest in a month. This comes as the US dollar strengthens, with investors expecting the US Federal Reserve to slow down on interest rate cuts soon.
The AUD/USD 4-hour chart below demonstrates the price, support, and resistance levels.
Aussie Dollar Falls as Commodity Prices Dip
The value of the Australian dollar is also dropping due to decreasing oil, copper, and iron ore prices. These commodities are crucial to Australia’s economy, which relies heavily on exporting them.
Additionally, the Australian dollar is affected by weaknesses in the Chinese yuan following China’s announcement of an economic stimulus plan that did not meet market expectations. The vague details about the plan’s scale have left investors worried.
RBA Deputy: Inflation Battle Far From Over
Recent minutes from the Reserve Bank of Australia’s meeting show the bank is considering different monetary policy paths, including potential rate cuts and hikes. Despite this, RBA Deputy Governor Andrew Hauser stated that the battle against inflation is ongoing and not nearing an end.
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