Skip to content U.S. Dollar Strength Pressures Aussie – Trump Win Looms
The Australian dollar remained stable at approximately $0.665 this Thursday, staying near its two-month low. This comes as the U.S. dollar strengthens and U.S. Treasury yields continue to rise, fueled by expectations that the Federal Reserve might slow down its rate cuts. There’s speculation about Trump’s potential victory in the upcoming November elections.
AUD/USD Analysis – 24-October-2024
The AUD/USD currency pair trades at approximately $0.665, testing the Fair Value Gap (FVG). Meanwhile, the MACD indicator signals divergence, meaning the Australian dollar can potentially erase more losses against the U.S. dollar.
From a technical perspective, the AUD/USD bearish trend will likely resume if bulls fail to close above the $0.670 resistance, backed by the Ichimoku cloud.
Australia’s Private Sector Nears Stability Despite Challenges
Recent data in Australia suggests that the private sector is close to stabilizing. The services sector saw some growth in October, while the manufacturing sector experienced its sharpest decline since May 2020.
Andrew Hauser, the Deputy Governor of the Reserve Bank of Australia, expressed surprise at the robust job growth earlier this week. He also noted that the central bank is prepared to adjust its policies based on new economic data.
About The Author
Comments are closed.