8 July: Australian dollar reaches six-month high due to US unemployment rate and Fed rate cut prospects.
The Australian dollar reached a six-month high on 8 July, supported by favorable yield differentials, as the US unemployment rate boosted the AUD's prospects, increasing the likelihood of a September rate cut by the Federal Reserve. Analysts predict the AUD could potentially approach 0.70 US cents by the end of 2021, due to increased confidence in the US Federal Reserve potentially cutting interest rates in September. The Reserve Bank of Australia's consideration of interest rate hikes also contributes to the upward trend.
July 08, 2024
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