US dollar falls as Fed maintains rate cut projections, Australian dollar rises with strong employment data.

The US dollar fell after the Federal Reserve maintained its interest rate cut projections for the year, despite upside inflation surprises, and did not adopt a more hawkish tone. The Australian dollar surged as data revealed a sharp rebound in employment in February, with the jobless rate dropping below forecasts. The AUD was last 0.33% higher at $0.6608 following the positive employment data.

March 21, 2024
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