By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Australian Dollar strengthens as RBA expected to postpone rate cuts
Share
Notification Show More
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > Australian Dollar strengthens as RBA expected to postpone rate cuts
Forex

Australian Dollar strengthens as RBA expected to postpone rate cuts

News Room
Last updated: 2024/07/09 at 2:01 AM
News Room
Share
3 Min Read
SHARE

The Australian Dollar (AUD) has seen a boost in recent trading sessions, nearing its six-month high of 0.6761 on Tuesday. This positive movement is largely attributed to the growing speculation that the Reserve Bank of Australia (RBA) may not follow the global trend of interest rate cuts, and could even consider raising rates due to strong inflation data reported in May.

Meanwhile, Australia’s 10-year government bond yield has remained stable around 4.4%, attracting foreign investors seeking refuge from political uncertainties in the US and Europe. The RBA’s June Meeting Minutes highlighted the need to remain vigilant about inflation risks and the possibility of significantly higher interest rates if prices continue to rise.

The AUD/USD pair has strengthened as the US Dollar (USD) faces pressure from disappointing employment data, leading some traders to anticipate a potential rate cut by the Federal Reserve (Fed) sooner than expected. In fact, market indicators like the CME’s FedWatch Tool are now pricing in a 76.2% probability of a rate cut in September, up from 65.5% just a week earlier.

The Australian Dollar’s resurgence can also be attributed to hawkish statements surrounding the RBA and economic data releases. Notably, Australia’s Westpac Consumer Confidence declined in July due to concerns over inflation, interest rates, and the economy, while the US Nonfarm Payrolls data exceeded market expectations in June.

In terms of technical analysis, the Australian Dollar continues to hold its ground around 0.6750, consolidating within an ascending channel on the daily chart. The 14-day Relative Strength Index (RSI) remains above 50, indicating a bullish bias for the AUD/USD pair, with potential resistance levels at 0.6765 and 0.6800.

Overall, the rising expectations of the RBA staying put on interest rates and potential rate cuts by the Fed have contributed to the Australian Dollar’s recent strength. Market movements, economic data releases, and central bank policies will continue to influence the AUD’s performance in the coming weeks. Investors and traders will be closely watching for any shifts in monetary policy or economic indicators that could impact the Australian Dollar’s trajectory in the forex market.

In conclusion, the Australian Dollar’s recent gains reflect a combination of domestic economic factors, global market sentiment, and central bank policies. As the RBA navigates inflation risks and the Fed considers future rate adjustments, the AUD is likely to remain in focus for currency traders seeking opportunities in the forex market. Stay tuned for more updates on the Australian Dollar’s performance and factors influencing its value in the coming days.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room July 9, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Qatar Foundation students join effort to protect Qatar’s marine habitats
Next Article Is It Possible to Recover After a 51% Decline from the Recent Peak?
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?