AUD/USD bears lick their wounds at the lowest level in 2023 after falling the most in five weeks as traders await Australia’s second quarter (Q2) Gros
s Domestic Product details on early Wednesday. That said, the Aussie pair seesaws near 0.6380 after falling to 0.6357, the lowest since November 2022 on multiple catalysts.
On Tuesday, the Reserve Bank of Australia matched market forecasts by keeping the benchmark rates unchanged at 4.10% while suggesting, via the RBA Rate Statement, that inflation appears peaking. It’s worth noting, however, that the statements suggesting Australia’s below-trend growth and expectations supporting the continuation of the same pattern for a while also seemed to have drowned the Australian Dollar afterward.
Elsewhere, China's Caixin Services Purchasing Managers' Index for August dropped to the lowest level of the year with 51.8 figures versus 54.1 prior. While giving the details, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said that the gauges for business activity and total new business remained above 50 for the eighth consecutive month, but both readings were lower than in July.
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