Skip to content 
by The Australian dollar is steady at around $0.674 (AUD/USD), reaching its highest point in over a week. This strength is due to traders betting on a significant rate cut from the US Federal Reserve this week. Many believe there’s a two-thirds chance the Fed will cut rates by 0.50%.
AUDUSD Fundamental Analysis – 17-September-2024
Boost from Commodity Prices
Higher prices for gold, copper, and oil are also helping the Australian dollar. Australia exports many commodities, so more vital prices support the local currency.
Upcoming Jobs Data
This week, everyone is waiting for data on new Australian jobs. This information will help us understand the health of the labor market and what it might mean for Australia’s monetary policy.
Reserve Bank of Australia’s Stance
The Reserve Bank of Australia (RBA) is still taking a tough stance on monetary policy. However, if the US makes a big rate cut, it could push the RBA to ease its policies sooner than planned.
Conclusion
In summary, the Australian dollar is strong due to expectations of a US rate cut and higher commodity prices. Data on upcoming jobs will be crucial in understanding the local economy. While the RBA remains firm on its policies, a significant US rate cut could change things.
About The Author
