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: AUD/USD surpasses 0.7600 as US Dollar falls due to weak US data
Share
Notification Show More
Latest News
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Moscow Metro Marks 90 Years with Technological Advancements and Heritage Events
Lifestyle World
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 > AUD/USD surpasses 0.7600 as US Dollar falls due to weak US data
Forex

AUD/USD surpasses 0.7600 as US Dollar falls due to weak US data

News Room
Last updated: 2024/07/04 at 7:10 AM
News Room
Share
3 Min Read
SHARE

The AUD/USD pair is trading positively for the third consecutive day around 0.6715 in the early European session on Thursday. The strength of the Australian Dollar is supported by the upbeat economic data, particularly Retail Sales growth in May, which has increased speculation about a potential rate hike by the Reserve Bank of Australia (RBA). Additionally, the slight improvement in Judo Bank’s Australia Purchasing Managers Index (PMI) in June has also contributed to the rise of the Aussie. On the other hand, weaker-than-expected US economic data, such as the decline in the Services PMI for June, continues to weigh on the US Dollar (USD).

Despite the positive momentum for the AUD, the cautious stance from Federal Reserve (Fed) officials could limit any further downside for the USD. Chicago Fed President Austan Goolsbee mentioned that achieving a 2% inflation target will take time, indicating that there is still uncertainty surrounding the US economy. The minutes from the FOMC June meeting also showed that Fed officials are taking a data-dependent approach to monetary policy decisions. While financial markets are currently pricing in a 66% chance of a 25 basis points Fed rate cut in September, the lack of confidence among Fed officials to cut interest rates suggests a potential strengthening of the USD.

One of the main drivers of the Australian Dollar is the level of interest rates set by the RBA, along with factors such as the price of Iron Ore, the health of the Chinese economy, inflation rate in Australia, growth rate, and Trade Balance. Additionally, market sentiment plays a crucial role, with risk-on environments generally positive for the AUD. The RBA influences the AUD by adjusting interest rates, with higher rates supporting the currency and lower rates having a negative impact. The strong economic ties between Australia and China mean that the health of the Chinese economy can directly impact the value of the AUD.

As Australia’s largest export, the price of Iron Ore can also influence the Australian Dollar, with higher prices typically leading to a stronger AUD due to increased demand for the currency. A positive trade balance, which reflects the surplus between a country’s exports and imports, can also strengthen the AUD. If Australia has highly sought-after exports, foreign buyers seeking to purchase these goods can drive up demand for the currency. Conversely, a negative trade balance can have a negative impact on the value of the Australian Dollar. Overall, various economic indicators and external factors play a significant role in determining the value of the AUD in the foreign exchange market.

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 4, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Ministry partners with LuLu Hypermarket for World Plastic Bags Free Day waste sorting initiative
Next Article UAE: Gold prices rise to highest point in nearly two weeks in early trading
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

L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto May 22, 2025
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto May 20, 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?