AUD: not a step back. Overview for 31.08.2023
The Australian dollar has stabilised against the US dollar. August is closing with a 3% pullback The current AUDUSD exchange rate stands at 0.6479.
The weakening of the US dollar has worked in favour of the Aussie. Recent economic data from the US has strengthened investor confidence that the Fed is unlikely to continue with further interest rate hikes. The economy will not withstand this. The USD declined, and the AUD recovered.
However, over August, the Aussie lost more than 3% of its value. The easing of domestic inflationary pressure was perceived by market participants as a basis for maintaining the RBA interest rate at 4.1%. The next meeting of the Australian regulator is scheduled for September.
The RBA noted earlier that it needed more time to objectively assess the impact of the previous rate hikes on the economy.
The Australian Dollar (AUD) is influenced by two factors related to China: the evidence of economic weakness in China and the lack of decisiveness among Chinese regulators regarding stimulus measures.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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