The AUD/USD pair trades close to a five-month high near 0.6730 in Thursday’s American session.
AUD/USD holds gains near a five-month high of around 0.6730 on firm hopes that the Fed - RBA policy divergence will be narrowed soon. Weak US labor demand in the private sector and contraction in Services PMI have strengthened early Fed rate-cut hopes. Reserved disinflation and robust Retail Sales growth have prompted RBA rate hike bets. The Aussie asset strengthens amid firm speculation that the policy divergence between the Fed eral Reserve and the Reserve Bank of Australia would narrow.
On the contrary, financial markets expect that the Reserve Bank of Australia could tighten its policy further. Reversed disinflation and stronger-than-expected monthly Retail Sales have boosted the possibility of more rate hikes by the RBA. This has also strengthened the Australian Dollar . On Wednesday, the Australian Bureau of Statistics reported that Retail Sales grew at a robust pace of 0.6% from the estimates of 0.2% and the prior release of 0.1%. Economic Indicator Retail Sales s.a.
RBA Fed Retailsales Employment
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