AUD/USD seeks cushion around 0.6500 as hawkish RBA bets soar – by Sagar_Dua24 AUDUSD RBA PMI Inflation InterestRate
A fifth consecutive 50 bps rate announcement is expected by the RBA.AUD/USD
pair is picking bids around the psychological support of 0.6500 after a mild correction from 0.6520. The major has turned sideways after a sheer upside from the critical support of 0.6400. The asset is expected to display a lackluster performance in the remaining Tokyo session as investors are awaiting the announcement of the interest rate decision by the Reserve Bank of Australia .will announce a rate hike of 50 basis points for the fifth consecutive time.
Well, one could not rule out the alternative of a 25 bps rate hike by the RBA as the option was cited in the discussion list, as drafted in RBAminutes. Therefore, investors should be expected the unexpected at the October meeting. Meanwhile, the US dollar index is on the tenterhooks as expectations for a decline towards the round-level support of 111.00 are accelerating. A downbeat reading of US ISM Manufacturing PMI has weakened the DXY. The economic PMI data declined to 50.9 vs. the expectations of 52.2 and the prior release of 52.8. Trimmed retail demand has slashed the extent of manufacturing activities, which is warranting a slowdown ahead.
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