Skip to content AUDUSD Fundamental Analysis – 22-October-2024
The Australian dollar remained just above $0.665 this Tuesday despite nearing its six-week low. This comes as the US dollar strengthens and Treasury yields rise, fueled by enduring signs of a robust US economy and increasing chances of a Trump win in the upcoming November elections.
Although the market anticipates the Federal Reserve will lower interest rates in November and December, expectations for further monetary easing next year have significantly reduced.
The AUD/USD 4-hour chart below demonstrates the price, support, and resistance levels.
RBA Ready for Policy Shift After Strong Job Growth
Reserve Bank of Australia Deputy Governor Andrew Hauser remarked earlier in the week that the recent surge in employment was unexpectedly strong. He also noted that the central bank remains prepared to adjust its policies based on new economic data.
Recent statistics revealed that the Australian economy added 64,100 jobs in September, significantly surpassing the anticipated 25,000. Meanwhile, the unemployment rate held steady at 4.1%. Looking forward, investors are keenly awaiting the upcoming PMI reports to guide future decisions.
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