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 ends the week on a high note, reaching fresh peaks not seen since February 2023
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle
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
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
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
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 ends the week on a high note, reaching fresh peaks not seen since February 2023
Forex

Australian Dollar ends the week on a high note, reaching fresh peaks not seen since February 2023

News Room
Last updated: 2024/09/28 at 8:51 PM
News Room
Share
3 Min Read
SHARE

The AUD/USD pair gained traction on Friday, with optimism surrounding China’s stimulus measures and soft US economic data supporting the Australian Dollar. The People’s Bank of China (PBOC) implemented monetary easing measures, including rate cuts and lower reserve requirements, boosting risk sentiment and leading to the appreciation of the AUD against the USD. Additionally, the Reserve Bank of Australia (RBA) maintained its hawkish stance, signaling that interest rates will remain high until inflation returns to the target range. On the other hand, soft US inflation figures from August added pressure on the USD, further supporting the AUD/USD pair.

With US inflation, as measured by the PCE Price Index, showing a slight increase of 2.2% year over year in August, markets are still expecting a 50 bps cut by the Fed in the upcoming November meeting. This divergence in monetary policy between the Fed and the RBA is likely to support the Australian Dollar in the near term. The RBA is responsible for setting interest rates and managing monetary policy for Australia, with a primary mandate of maintaining price stability. Decisions are made by a board of governors, with a focus on achieving an inflation rate of 2-3% while supporting economic prosperity and welfare for the Australian people.

Macroeconomic data, such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys, can impact the value of the AUD. A strong economy may lead the RBA to raise interest rates, further supporting the Australian Dollar. In extreme situations when lowering interest rates is not enough to boost the economy, the RBA may implement Quantitative Easing (QE) by printing money to purchase assets from financial institutions. This process can result in a weaker AUD. Conversely, Quantitative Tightening (QT) is undertaken when an economic recovery is underway, leading to a stronger AUD as the RBA reduces its asset purchases and liquidity injections.

From a technical standpoint, the AUD/USD pair is steady, hovering below the key resistance level of 0.7000. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators on the daily chart are strong, suggesting bullish momentum for the pair. With the RBA’s hawkish stance and the expectation of a Fed rate cut, the AUD/USD pair is likely to see further upside potential. Investors will continue to monitor economic data releases and central bank announcements for further direction on the currency pair.

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 September 28, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Is Algorithmic Trading Superior to Bitcoin? Attend UnTrade at Finbridge Expo for a Live Demonstration of Algorithms!
Next Article Dubai: Sheikh Hamdan expresses condolences to families of 4 soldiers killed in duty accident
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

Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle July 14, 2025
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

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?