Australian Dollar Rises As Traders Focus On RBA Rate Decision
23 Settembre 2024 - 7:51AM
RTTF2
The Australian dollar strengthened against other major
currencies in the Asian session on Monday, as the traders await the
Reserve Bank of Australia's (RBA) upcoming interest rate decision
scheduled for Tuesday.
The RBA is expected to keep the Official Cash Rate (OCR) steady
at 4.35 percent in the monetary policy meeting due on Tuesday,
supported by robust labor market data and ongoing inflationary
pressures.
China's central bank lowered a short-term policy rate and pumped
more liquidity into the financial system in a bid to boost the
world's second-largest economy. The People's Bank of China (PBoC)
cut the 14-day reverse repurchase interest rate to 1.85 percent
from 1.95 percent. The bank injected CNY 74.5 billion via the
policy tool.
The bank also conducted seven-day reverse repurchase operations
of CNY 160.1 billion at an interest rate of 1.70 percent. The bank
had previously reduced the seven-day reverse repo rate by 10 basis
points in July
Oil extended gains, after having jumped around 4 percent last
week on hopes that lower borrowing costs would support global
economic growth and demand.
Middle East tensions remain in play as Israel continued to carry
out strikes in Gaza and Lebanon, raising concerns of an all-out war
in the region.
Hezbollah launched more than 100 rockets early Sunday across a
wider and deeper area of northern Israel after the country
allegedly detonated several electronic devices used by the Lebanese
group.
In economic news, data from Judo Bank showed that the
manufacturing sector in Australia continued to contract in
September, and at a faster pace, with a manufacturing PMI score of
46.7. That's down from 48.5 in August.
The composite index sank to 49.8, down from 51.7 a month
earlier.
In the Asian trading today, the Australian dollar rose to nearly
a 3-week high of 98.61 against the yen and a 4-day high of 1.6332
against the euro, from Friday's closing quotes of 97.95 and 1.6398,
respectively. If the aussie extends its uptrend, it is likely to
find resistance around 100.00 against the yen and 1.62 against the
euro.
Against the U.S., the Canada and the New Zealand dollars, the
aussie advanced to 4-day highs of 0.6387, 0.9270 and 1.0946 from
last week's closing quotes of 0.6806, 0.9235 and 1.0911,
respectively. The aussie may test resistance near 0.69 against the
greenback, 0.93 against the loonie and 1.10 against the kiwi.
Looking ahead, the Confederation of British Industry is slated
to publish monthly Industrial Trends survey data at 6:00 am ET. The
order book balance is seen at -23 percent compared in September to
-22 percent in August.
In the New York session, Canada new housing price index for
August, U.S. Chicago Fed national activity index for August and
U.S. S&P Global flash PMI data for September are slated for
release.
Grafico Cross AUD vs CAD (FX:AUDCAD)
Da Ago 2024 a Set 2024
Grafico Cross AUD vs CAD (FX:AUDCAD)
Da Set 2023 a Set 2024
