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Category: CRYPTO NEWS
The post Australian Dollar loses ground as traders expect Fed to slow pace of rate cuts appeared on BitcoinEthereumNews.com. The Australian Dollar declines following the lower CPI data from its largest trading partner, China. The Commonwealth Bank of Australia expects the RBA to implement a 25 basis point rate cut in December. The US Dollar appreciates as traders expect the Fed to slow the pace of borrowing cost reductions. The Australian Dollar (AUD) edges lower after two days of gains against the US Dollar (USD) on Monday. The AUD/USD pair receives downward pressure from the lower-than-expected September Consumer Price Index (CPI) data from its major trading partner China released on Sunday. The AUD may have attracted sellers after a detailed note from the Commonwealth Bank of Australia indicated expectations that the Reserve Bank of Australia (RBA) will implement a 25 basis point rate cut by the end of 2024. The report suggested that a stronger disinflationary trend than the RBA anticipates is essential for the Board to consider easing policy within this calendar year. The decline of the AUD/USD pair could also be linked to a stronger US Dollar (USD), fueled by expectations that the US Federal Reserve (Fed) will slow the pace of borrowing cost reductions more than previously anticipated. According to the CME FedWatch Tool, the markets are pricing in an 86.9% chance of a 25 basis point rate cut in November, with no expectation for a 50-basis-point reduction. Daily Digest Market Movers: Australian Dollar depreciates following lower inflation data from China The risk-sensitive AUD/USD pair might have received downward pressure due to escalating tensions in the Middle East that have sparked concerns of a broader regional conflict. According to CNN, at least four Israeli soldiers were killed, and over 60 people were injured in a drone attack in north-central Israel on Sunday. The National Bureau of Statistics of China reported that the country’s monthly Consumer Price…
2024-10-14T03:08:26+00:00