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 speculation of RBA rate cuts decreases
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
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
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
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 speculation of RBA rate cuts decreases
Forex

Australian Dollar strengthens as speculation of RBA rate cuts decreases

News Room
Last updated: 2024/08/19 at 2:35 AM
News Room
Share
4 Min Read
SHARE

The Australian Dollar (AUD) continued its upward trajectory against the US Dollar (USD) for the third straight day on Monday, driven by improved risk sentiment and the hawkish stance of the Reserve Bank of Australia (RBA) regarding its policy outlook. RBA Governor Michele Bullock emphasized that the central bank is focused on potential upside risks to inflation and does not foresee any rate cuts in the near future. The RBA Meeting Minutes and the People’s Bank of China’s (PBoC) Interest Rate Decision are events investors will be closely monitoring.

On the other hand, the US Dollar (USD) faced pressure as the likelihood of an interest rate cut by the Federal Reserve (Fed) in September increased. Economic data from the US painted a mixed picture, with Retail Sales surpassing expectations, while inflation showed signs of easing. Federal Reserve officials, including Mary Daly and Austan Goolsbee, shared their views on the gradual approach the central bank should take in reducing borrowing costs. Daly warned against rapid interest rate cuts, while Goolsbee urged caution in maintaining a restrictive policy for longer than necessary.

The People’s Bank of China (PBoC) announced plans to renew medium-term lending facility funds and conducted open market operations, injecting liquidity into the market. Any changes in the Chinese economy could impact the Australian market, given their close trade partnership. Additionally, US economic data such as Housing Starts and Consumer Price Index (CPI) showed mixed results, impacting market sentiment and the performance of currencies.

Technical analysis of the AUD/USD pair suggests a bullish bias, with the pair trading around 0.6680 and moving upwards within an ascending channel. The 14-day Relative Strength Index (RSI) is nearing the 70 mark, indicating bullish momentum. The immediate support levels lie at the lower boundary of the ascending channel and the nine-day Exponential Moving Average (EMA), with resistance levels at the upper boundary of the channel and the seven-month high of 0.6798.

Factors such as interest rates set by the RBA, the price of Iron Ore, the health of the Chinese economy, inflation, growth rate, Trade Balance, and market sentiment influence the value of the Australian Dollar. The RBA’s interest rate decisions, China’s economic performance, Iron Ore prices, and the Trade Balance all play a significant role in determining the strength of the Australian Dollar. Positive or negative surprises in economic data from China can directly impact the AUD, with higher Iron Ore prices resulting in a stronger AUD and a positive Trade Balance strengthening the currency.

In conclusion, recent developments in the Australian Dollar and its relationship with the US Dollar, along with key factors affecting its value, emphasize the importance of monitoring economic indicators, central bank policies, and global market conditions. The AUD’s performance against the USD will continue to be influenced by a combination of domestic and international factors, making it essential for investors to stay informed and adapt their trading strategies accordingly.

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 August 19, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Zelenskyy declares that Kursk incursion will establish a buffer zone within Russia
Next Article Legendary French Actor Alain Delon Passes Away at 88
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?