Topics

Posted 9/6/2023, 2:00:00 AM

Australian Dollar Falls as GDP Slows; How Much More Downside for AUD/USD?

The Australian dollar declined against the US dollar as the Australian economy slowed in Q2, indicating that the Reserve Bank of Australia may not raise interest rates further.

dailyfx.com

Relevant topic timeline:

8/27/2023

Markets Week Ahead: US Dollar, Gold, Euro, NFPs, Key Fed Inflation Gauge, China PMI

The US Dollar performed well against major currencies, with the British Pound, Euro, and Canadian Dollar underperforming, while the Chinese Yuan and Australian Dollar fared better; the Federal Reserve's indication of a higher terminal rate and potential further borrowing cost increases contributed to the market sentiment, leading to lower US equity markets; upcoming economic data includes consumer confidence, inflation gauges from key European countries, and manufacturing PMI gauges from China.

8/30/2023

Australian inflation slows more than forecast, fuelling bets hikes are over

Australia's inflation slowed to a 17-month low in July due to declines in holiday travel and fuel prices, leading to expectations that the Reserve Bank of Australia will pause its rate hikes, signaling a potential end to tightening measures.

8/29/2023

Forex Today: US Dollar tumbles as markets get ready for key data

The US Dollar experienced a significant decline due to weak economic data and increased risk appetite, while the Euro and British Pound strengthened. The Australian Dollar and New Zealand Dollar also performed well, and gold and cryptocurrencies rallied.

8/30/2023

Dollar falls to two-week low as economic data softens

The US dollar dropped to a two-week low against the euro and other currencies after data revealed lower than expected private payroll growth in August, leading to speculation that the Federal Reserve will halt interest rate increases.

9/1/2023

RBA to hold rates at 4.10% on Tuesday, but will hike again next quarter: Reuters poll

The Reserve Bank of Australia is expected to keep its key interest rate unchanged at 4.10% as inflation slows, but economists anticipate a final hike in the next quarter.

9/4/2023

Global market weekly recap (August 28 – September 1, 2023)

The U.S. dollar declined due to weaknesses in economic growth, leading to a boost in the performance of gold and U.S. equities, while other global assets experienced mixed price movements throughout the week.

9/5/2023

Gold prices tread water as markets weigh Fed policy path

Gold prices decline slightly as the dollar remains strong, with investors awaiting further signals on the U.S. Federal Reserve's monetary policy after an expected interest rate pause this month.

9/5/2023

U.S. dollar lifted by worries over global growth; Aussie sinks

The dollar rose as investors sought the safe-haven currency amidst concerns over global growth, particularly in China, while the Australian dollar slumped after the Reserve Bank of Australia maintained interest rates.

9/6/2023

Australian economy grows modestly in Q2, eases recession fears

Australia's economy grew more than expected in the second quarter, driven by exports and investment, while household consumption remained weak due to high interest rates; however, productivity and rising labor costs remain concerns for the Reserve Bank of Australia.

9/13/2023

Australian Job Growth May Slow Further Amid Global Economic Headwinds

Australia's labor market may have peaked as the unemployment rate hovers around historic lows, leaving little room for improvement and potentially opening the door for further job losses, which could negatively impact the Australian Dollar (AUD) that has already been weakening due to slowing Chinese demand. Economists expect an increase in jobs for August, but there is potential for a downside surprise and a second consecutive month of declines.

Topics

Posted 9/6/2023, 2:00:00 AM

Australian Dollar Falls as GDP Slows; How Much More Downside for AUD/USD?

The Australian dollar declined against the US dollar as the Australian economy slowed in Q2, indicating that the Reserve Bank of Australia may not raise interest rates further.

dailyfx.com

Relevant topic timeline:

8/27/2023

Markets Week Ahead: US Dollar, Gold, Euro, NFPs, Key Fed Inflation Gauge, China PMI

8/30/2023

Australian inflation slows more than forecast, fuelling bets hikes are over

8/29/2023

Forex Today: US Dollar tumbles as markets get ready for key data

8/30/2023

Dollar falls to two-week low as economic data softens

9/1/2023

RBA to hold rates at 4.10% on Tuesday, but will hike again next quarter: Reuters poll

The Reserve Bank of Australia is expected to keep its key interest rate unchanged at 4.10% as inflation slows, but economists anticipate a final hike in the next quarter.

9/4/2023

Global market weekly recap (August 28 – September 1, 2023)

9/5/2023

Gold prices tread water as markets weigh Fed policy path

Gold prices decline slightly as the dollar remains strong, with investors awaiting further signals on the U.S. Federal Reserve's monetary policy after an expected interest rate pause this month.

9/5/2023

U.S. dollar lifted by worries over global growth; Aussie sinks

9/6/2023

Australian economy grows modestly in Q2, eases recession fears

9/13/2023

Australian Job Growth May Slow Further Amid Global Economic Headwinds