Australian Dollar attracts some sellers as weaker data spurs RBA rate cut speculation
The post Australian Dollar attracts some sellers as weaker data spurs RBA rate cut speculation appeared on BitcoinEthereumNews.com.
The Australian Dollar softens in Thursday’s Asian session. Slower-than-expected Australia’s Q3 GDP and heightened expectations of RBA’s dovish stance exert some selling pressure on the Aussie. The US weekly Initial Jobless Claims and Goods Trade Balance are due later on Thursday. The Australian Dollar (AUD) remains under selling pressure on Thursday. The disappointing Australian economic data and rising expectations for an early interest rate cut by the Reserve Bank of Australia (RBA) drag the Aussie lower. Additionally, the concerns about potential tariffs on imports from President-elect Donald Trump might contribute to the AUD’s downside. Traders will monitor the US weekly Initial Jobless Claims and Goods Trade Balance on Thursday for fresh impetus. Any signs of softer US labour market data could weaken the Greenback and help limit the pair’s losses. On Friday, all eyes will be on the US Nonfarm Payrolls (NFP) report for November. Australian Dollar retains negative bias amid downbeat data, RBA dovish bets Australia’s trade surplus increased to 5,953M MoM in October from 4,609M in September, better than the 4,500M forecasts. Australia’s Gross Domestic Product (GDP) grew 0.3% QoQ in the third quarter (Q3), compared with the 0.2% growth in Q2. This reading was below the market consensus of 0.4%. The final reading of Australia’s Judo Bank Services PMI improved to 50.5 in November from 49.6 in October, beating the estimation of 49.6. The Fed Chair Jerome Powell said on Wednesday that the US economy is stronger now than the US central bank had expected in September when it began reducing interest rates, allowing Fed officials to potentially slow the pace of interest rate cuts ahead. The US ISM Services PMI fell to 52.1 in November from 56.0 in October. This reading came in weaker than the expectation of 55.5. The US S&P Global Composite PMI declined to 54.9 in November versus 55.3 prior. Meanwhile, the Services…
Filed under: News - @ December 5, 2024 1:16 am