AUD/USD marches firmly toward 0.6650 as the greenback pares some gains – by christianborjon AUDUSD Majors Macroeconomics Fed RBA
gressive rate hike by the Fed, which opened the door for further increases. Even though the previously mentioned would support the greenback, the AUD/USD climbs, trading at 0.6642 at the time of writing.
Global equities remain on the back foot, recording hefty losses. Worldwide central banks continue to tighten monetary conditions amidst a period of two-digit inflation in some countries. On Wednesday, the Fed raised rates by 75 bps. According to the Summary of Economic Projections , Fed officials estimate another 120 bps of rate increases, seeing the Federal funds rate at around 4.4% by the year-end.
In the meantime, an absent Australian economic docket left traders to keep digesting the RBA’s minutes released earlier. The central bank noted that it was not in a “pre-set path and would be balanced to try and keep the economy on an even keel.” Furthermore, most of RBA’s board members have begun to assess the possibility of raising rates at a slower pace as the cash rate rises.to hike 50 bps in October, followed by 25 bps in November, December, and February, lifting rates to 3.6%.
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