Australian dollar holds above $0.71 near 10-week top
The Australian dollar stays above $0.71 near a ten-week high as a weaker US dollar and improved Australian economic sentiment support risk-sensitive currency demand.
71, staying near a ten-week high as a broadly weaker US dollar and improving domestic economic sentiment supported the currency. The greenback came under pressure as softer-than-expected US economic data prompted traders to trim the odds for further Federal Reserve rate hikes, raising concerns about US economic growth and the dollar’s yield advantage. 35% following three hikes earlier in the year. Australian consumer confidence improved to a nine-month high in August, adding to expectations that the economy remains resilient.
4%. Quarterly wages data are also due on Wednesday, while RBA Deputy Governor Andrew Hauser will also be speaking.