Australian Dollar strong ahead of RBA decision
- Australian Dollar strengthens against its US counterpart due to RBA policy outlook.
- RBA is expected to maintain its Official Cash Rate unchanged at 4.35%.
- US S&P Global PMIs data came in mixed during the European session
On Monday the AUD/USD was seen rising by 0.40% to 0.6835 by late in the US session. The Reserve Bank of Australia's (RBA) hawkish policy outlook and the release of preliminary S&P Global PMI data for September from the US were the primary movers of the pair.
With uncertainty surrounding Australia's economic future and the RBA maintaining a cautious stance in response to persistent inflation, financial markets anticipate a modest 25 bps interest rate cut in 2024.
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