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Australian dollar slips as higher US yields and softer jobs weigh
Markets are focused on the RBA, where a 25bp rate hike is expected ahead of Wednesday’s CPI.
Action Forex said the Australian dollar held around the mid-0.71s for much of last week before weakening as higher US yields and a softer labour market report took a toll.
The outlet added that the week ahead is expected to hinge on the Reserve Bank of Australia, with markets pricing in a 25bp rate hike tomorrow before Wednesday’s CPI.
Action Forex also pointed to the broader drivers behind risk and rates, including higher US yields and oil prices amid elevated US-Iran tensions, plus news of fresh US-China tariff reductions that offered a modest boost to global risk sentiment.
It noted investors will closely watch the RBA Governor’s press conference, including any split in voting and commentary tied to softer labour market conditions.