Home›Forex›Major Pairs›Australian dollar slips to about 0.6965 versus US doll…

Australian dollar slips to about 0.6965 versus US dollar

The move comes after FOMC minutes signaled officials expect further rate hikes to curb inflation above target for more than five years.

Reported · Written up by our desk · Major Pairs

The Australian dollar weakened against the US dollar, with AUD/USD falling to around 0.6965 during Asian trading on Thursday.

FXStreet attributed the decline to a stronger USD following hawkish Federal Open Market Committee meeting minutes, which suggested Fed officials still anticipate additional interest-rate increases to address inflation that has stayed above target for more than five years.

The minutes released Wednesday reinforced the hawkish tone that accompanied the Fed’s September rate hike, according to Westpac analysts, and came after policymakers raised the benchmark rate target range by 25 basis points to 3.75% to 4% last month.

Looking ahead, the report noted US weekly Initial Jobless Claims and Fed commentary later in the day, while traders were pricing about 22.0% odds of another quarter-point hike at the October meeting, down from roughly 70% after the September decision.

More like this

Sources