The AUD/USD pair extends its downside below the key support of 0.6700 in Wednesday’s European session.
AUD/USD falls below 0.6700 as the US Dollar performs strongly. The Fed is expected to cut interest rates gradually in the remainder of the year. Investors await the Aussie Employment data for September. The Aussie asset weakens as the market sentiment remains risk-averse on expectations that US former President Donald Trump could win upcoming presidential elections. Trump’s victory could have a negative impact on risk-sensitive currencies as he favors a closed economy culture.
How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia influences the Australian Dollar by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down.
RBA Fed Employment Dollarindex
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