The Australian Dollar (AUD) continued to strengthen against the US Dollar (USD) for the second consecutive day on Friday.
The Australia n Dollar rises as the solid employment data diminishthe odds of RBA’s rate cuts in 2024. China’s Gross Domestic Product is expected to report 4.5% growth YoY in Q3, compared to the previous 4.7% reading. The US Dollar received support from a solid US Retail Sales report, fueling the likelihood of the Fed delivering nominal rate cuts. The Australia n Dollar continued to strengthen against the US Dollar for the second consecutive day on Friday.
Regarding support, the pair may attempt to re-enter the descending channel. A successful return could reinforce the bearish outlook, with the pair potentially targeting its eight-week low of 0.6622, last seen on September 11, and then the lower boundary of the descending channel around 0.6580. AUD/USD: Daily Chart Australian Dollar PRICE Today The table below shows the percentage change of Australian Dollar against listed major currencies today.
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