Australian Dollar Extends Losses || Downside Seems Limited Due to Hawkish RBA
Australian Dollar Extends Losses || Downside Seems Limited Due to Hawkish RBA
The Australian Dollar (AUD) continues its decline for the second straight session on Monday. However, hawkish comments from the Reserve Bank of Australia (RBA) may limit further losses for the AUD/USD pair. Traders are cautious as they await key domestic inflation data set for release on Wednesday, which could impact RBA’s monetary policy outlook.
The Reserve Bank of Australia noted that the current cash rate of 4.35% is sufficiently restrictive to bring inflation within the 2%-3% target range while also supporting employment. As a result, the RBA is unlikely to consider a rate cut as soon as next month.
The US Dollar (USD) strengthens as recent positive economic data from the United States (US) has fueled expectations for a more cautious stance from the Federal Reserve (Fed) in November. According to the CME FedWatch Tool, there is a 92.8% probability of a 25-basis-point rate cut by the Fed in November, with no expectation of a more substantial 50-basis-point cut.
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