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Australian dollar extends three-day rally ahead of Fed minutes
AUD/USD was at 0.6981 after a low of 0.6961, as the US trade deficit widened to 105.6 billion dollars in August.
The Australian dollar extended its three-day rally, rising 0.14% on Tuesday, as the US dollar traded erratically ahead of the release of the Federal Reserve’s September meeting minutes on October 7, FXStreet reported. AUD/USD was last at 0.6981 after dipping to 0.6961.
FXStreet also pointed to mixed market conditions, noting Wall Street ended Tuesday’s session in the green with the S&P 500 reaching a record high. The outlet said oil prices edged lower, weighing on the Greenback and US Treasury yields, even as France’s fiscal turmoil could prompt rate reactions.
On the US data front, the report said the trade deficit widened to 105.6 billion dollars in August from 92.8 billion in July, driven largely by higher crude oil imports, non-monetary gold, and capital goods. FXStreet added that the US ADP Employment Change 4-week average suggested a solid labor market at 23.75K, up from 22.5K.
Looking ahead, FXStreet said participants were bracing for the FOMC’s last meeting minutes on October 7. In Australia, it cited ANZ-Indeed Australian Job Ads increasing 2.2% month over month in September, with the series 12.5% higher over the year.
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