The Australian Dollar (AUD) holds ground to continue the winning streak on the third successive day on Monday. The AUD/USD pair receives upward suppor
t, primarily supported by the Chinese upbeat PMI data released on the weekend. However, the US Dollar continues to demonstrate resilience after the moderate economic data released on Friday.
Daily Digest Market Movers: Australian Dollar attempts to gain amid market caution surrounding Fed’s interest rates trajectory, RBA decision China’s Manufacturing PMI data rose into positive territory. China’s NBS Manufacturing PMI for August grew to 50.2 from the previous 49.7 figures, exceeding the 50.0 expected.
After the Friday session, bills were successfully passed in the US to avert a government shutdown, securing funding until November 17. This development has prompted a resumption of the US Dollar Index upward trajectory. Dollar to explore the region around 23.6% Fibonacci retracement at 0.6464 level, followed by the 50-day Exponential Moving Average at 0.6482. On the downside, September’s low at 0.6331, followed by the 0.6300 psychological emerges as the key support.Interest rates are charged by financial institutions on loans to borrowers and are paid as interest to savers and depositors. They are influenced by base lending rates, which are set by central banks in response to changes in the economy.
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