The Australian Dollar (AUD) pared some of its last Friday’s losses against the US Dollar (USD) ahead of the upcoming Reserve Bank of Australia’s (RBA)
monetary policy decision amid a risk-on impulse. The pair reversed its course after reaching a daily low of 0.6440 and is trading at around 0.6460s, above its opening price by 0.26%.
Risk-on sentiment and mixedUS jobs data fuel Aussie Dollar’s recovery; eyes on upcoming RBA monetary policy Wall Street remains closed in the observance of the Labor Day. Last week’s jobs data from the United States was mixed withcoming at 187K above estimates of 177K in August, which failed to underpin the Greenback, as the Unemployment Rate ticked higher as estimates. Later, the Institute for Supply Management revealed that business activity in the US, as shown by the manufacturing PMI, came at 47.6 figures versus analysts’ estimation of 47.0 versus 46.4 previous readings.
Consequently, investors slashed their bets about the US Federal Reserve continuing to tighten monetary policy. Interest rate probabilities for the September meeting remain at 92%, with the first-rate cut seen on May 1. On that date, traders foreseeIn the meantime, the Australian Dollar was bolstered ahead of the RBA’s decision, with the cash rate expected to stay unchanged at 4.10%.
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