In Wednesday's session, the AUD/USD traded neutral but remained vulnerable below 0.6400. On the one hand, strong economic activity reports from the US
strengthened the USD, while the AUD struggled to gain momentum after Tuesday's Reserve Bank of Australia decision.
ISM Services PMI lived up to the expectations in August. The figure came in at 54.5, higher than the expected figure of 52.5 and above the previous 52.7. Regarding the Fed, Beige’s book, which reports on the US's current economic situation through interviews with key business contacts and economists gathered by each of the 12 Federal Reserve Districts, revealed that economic growth was “modest” and job growth “subdued” in July and August.
Meanwhile, US bond yields jumped back to weekly highs and depicted that markets are gearing up for another Federal Reserve hike hike, which would lift rates to 5.75%. According to the CME FedWatch tool, the odds of a 25 basis point increase in November rose above 40%, making the USD gain interest. It's worth highlighting that thestated that it needs to see the economy “cooling” to end its tightening cycle, to strong economic figures fuel hawkish bets for the remainder of the year.
On the AUD’s side, it is struggling to gather momentum after the Reserve Bank of Australia held interest steady at 4.10% on Tuesday, adopted a wait-and-see approach and didn’t commit to further hikes.points to a bearish outlook for the short term. The Relative Strength Index is situated below its midline in negative territory, displaying a southward trajectory. Likewise, the Moving Average Convergence Divergence reveals lower green bars, signifying a growing bearish momentum for the pair.
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