Aussie experiences some pressure after mixed Australian CPI figures.
Traders are keeping vigilance on the upcoming NFP data.
Markets are backing down on the rate hike hopes of the Reserve Bank of Australia.
The Australian Dollar continues to underperform against the US Dollar (USD), which is making a strong recovery following the Federal Open Market Committee (FOMC) policy decision. Chinese economic woes and cooling rate hike bets on the Reserve Bank of Australia (RBA) also pressure down the Aussie.
That being said the high inflation pressure continues to hold the RBA on the brink of rate cuts. Predictions propose that the RBA will be among the ultimate pockets of G10 countries to administer a rate cut. This foreseeable decision could prevent a further plunge of the Aussie.
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