Australian Dollar Steady Near Multi-Month Lows
The Australian dollar held below $0.70, remaining near multi-month lows as investors assessed minutes from the Reserve Bank of Australia’s September meeting. The central bank warned that several upside risks to inflation identified earlier had materialized or were building, adding that further cash rate increases remained possible if needed. Markets are now watching November’s meeting, with a fifth rate hike this year on the table if upcoming third-quarter inflation data show persistent price pressures. The RBA also highlighted rising global costs, escalating Middle East tensions and oil prices above levels assumed in its August forecasts as key inflation risks. Attention now turns to the September employment report due Thursday and the Q3 CPI data expected later this month for clues on the RBA’s next move. Meanwhile, the US dollar climbed to an 18-month high as elevated oil prices fueled inflation concerns and strengthened expectations of further Federal Reserve interest rate hikes.
70, remaining near multi-month lows as investors assessed minutes from the Reserve Bank of Australia’s September meeting. The central bank warned that several upside risks to inflation identified earlier had materialized or were building, adding that further cash rate increases remained possible if needed. Markets are now watching November’s meeting, with a fifth rate hike this year on the table if upcoming third-quarter inflation data show persistent price pressures. The RBA also highlighted rising global costs, escalating Middle East tensions and oil prices above levels assumed in its August forecasts as key inflation risks.
Attention now turns to the September employment report due Thursday and the Q3 CPI data expected later this month for clues on the RBA’s next move. Meanwhile, the US dollar climbed to an 18-month high as elevated oil prices fueled inflation concerns and strengthened expectations of further Federal Reserve interest rate hikes.