Aussie finds some relief after mixed Australian PPI figures.
Traders are keeping vigilance on job data disappointment from the US.
Markets adjust their stance on the Reserve Bank of Australia's monetary policy and now expect a cut in 2024.
The Australian Dollar shows a minor recovery against the US Dollar (USD), which is experiencing a sharp drop after disappointing US jobs data. That being said, economic frailties in Australia and increasing rate cut expectations for the Reserve Bank of Australia (RBA) provide a limited upside for the Aussie.
Despite high inflation, weaknesses in Australian economic activity have caused markets to amend their expectations from a rate hike to a rate cut from the RBA by the end of the year. Predictions now propose that the RBA will introduce a cut to tackle economic sluggishness, which could potentially limit further escalation for the Aussie.
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