The AUD/USD pair briefly halted its upward momentum after a two-day ascent.
The Australian dollar, in conjunction with the US dollar, is currently showing signs of resilience, with the present AUD/USD exchange rate at 0.6518.
Having rebounded from its three-month low, the Aussie’s exchange rate demonstrated a notable correction, benefiting from the decline in the US dollar. The recent US retail sales data has further strengthened the anticipation of future interest rate cuts by the Federal Reserve.
Domestic data from Australia aligns with the prevailing expectation of a stable monetary policy. January witnessed the country’s unemployment rate reaching a two-year high of 4.1%, and the employment figures showed a modest increase of 500 jobs, falling short of the projected 30,000.
The overall market outlook suggests a potential 40 basis points reduction in the interest rate by the Reserve Bank of Australia this year, with the initial move expected in August.
The post AUD Experienced a Temporary Pause: Overview for February 16, 2024 appeared first at R Blog – RoboForex.