The Australian Dollar remains elevated after a release of lower-than-expected CPI data on Wednesday.
The monthly Australian CPI rose by 2.1% YoY in September, coming in below the expected 2.3% and previous 2.7% readings.
The US Dollar may appreciate due to market caution persisting amid uncertainty surrounding the US presidential election and US data.
The Australian Dollar (AUD) edges higher against the US Dollar (USD) despite lower-than-expected Australia's third-quarter Consumer Price Index (CPI) data released on Wednesday. The upside of the AUD could be attributed to the hawkish sentiment surrounding the Reserve Bank of Australia's (RBA) regarding its policy outlook.
The Australian Bureau of Statistics reported that the Consumer Price Index (CPI) rose just 0.2% quarter-over-quarter in the third quarter, down from 1.0% in the previous quarter and slightly below the anticipated 0.3%. The monthly CPI rose by 2.1% year-over-year in September, coming in below market expectations of 2.3% and down from August's reading of 2.7%.
The US Dollar saw a slight downward correction as US Treasury yields edged lower. However, the USD’s downside may be limited, with market caution persisting due to uncertainty surrounding the upcoming US presidential election and anticipation of key US economic data releases.
Traders will likely watch the upcoming release of preliminary US Q3 Gross Domestic Product (GDP) figures and October’s Nonfarm Payrolls (NFP) report, as these could offer important insights into the timing and pace of the Federal Reserve’s (Fed) expected rate cuts.
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