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The Australian dollar held steady around $0.668 on Wednesday but remained near its lowest level in six weeks. The currency was pressured by a stronger U.S. dollar and rising Treasury yields, which were fueled by robust economic data and concerns over the U.S. deficit. Despite market expectations for the Federal Reserve to implement further interest rate cuts in November and December, traders have scaled back their bets on more aggressive policy easing next year.
Domestically, Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser acknowledged earlier this week that Australia’s strong employment growth came as a slight surprise. He also hinted that the central bank remains flexible, ready to adjust its policy depending on future economic data.
Australia’s labor market demonstrated resilience last week, with the economy adding 64,100 jobs in September, far exceeding the forecasted 25,000. The unemployment rate remained stable at 4.1%, reflecting a robust job market that is likely to influence future monetary policy decisions by the RBA.
The strengthened U.S. dollar, bolstered by solid economic performance and rising yields, continues to exert downward pressure on the Aussie dollar. Market participants are now closely watching upcoming data to determine whether the RBA might adjust its stance in response to domestic conditions.
The combination of strong U.S. economic data, global market developments, and domestic factors will likely shape the trajectory of the Australian dollar in the coming weeks, as traders anticipate further central bank decisions on both sides of the Pacific.
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