Australian Dollar appreciates against USD, driven by positive sentiment and strong US economic data. US Dollar Index falls 0.27% after Fed keeps rates steady and signals slower Quantitative Tightening. Chair Powell stresses data-dependent policy amid slow inflation progress. Australia's Judo Bank Services PMI disappoints investors, coming at 53.6, down from 54.2, missing estimates. AUD/USD traders await US labor data, including Nonfarm Payrolls and Unemployment Rates.
Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets or seeking safe-havens – is also a factor, with risk-on positive for AUD.
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Source: FXStreetNews - 🏆 14. / 72 Read more »