Author: Dennis Li
After the minutes from the Fed’s September meeting affirmed expectations that the US central bank is likely to continue raising interest rates, we saw the AUD down by 0.46% against a strengthening USD, testing its support at 0.7100. The content of the minutes didn’t surprise and equities experienced only small dips still finding support from a buoyant earnings reporting season. Our local employment data released at 11:30 Sydney time this morning will hopefully provide some impetus for a move one way or another on the AUD but that would be unlikely unless there is a significant variation to the expected outcome. The cross rates too, continued to trade in a narrow range.
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