Australian Dollar consolidates with a positive bias ahead of US Nonfarm Payrolls.
Australia’s S&P/ASX 200 Index rose to new record highs, following a tech-led rally on Wall Street overnight.
Fed Chair Powell reiterated that the central bank could initiate rate cuts at some point this year.
The Australian Dollar (AUD) attempts to continue its winning streak for a third consecutive session on Friday on a possibility of the US Dollar (USD) moving on a downward trajectory. Federal Reserve (Fed) Chair Jerome Powell, in his second day of testimony before the US Congress, reaffirmed the central bank's position. Powell hinted at potential cuts in borrowing costs sometime this year. However, he emphasized that such actions would hinge on the inflation trajectory aligning with the Fed's target of 2%.
Australian Dollar extends its gains, buoyed by improved market sentiment driven by a surge in equity markets. The S&P/ASX 200 Index has reached new record highs, following a tech-led rally on Wall Street overnight. This positive momentum is fueled by expectations that major central banks may implement interest rate cuts this year, further boosting market confidence.
Australian market remains resilient despite concerns that the domestic economy expanded less than anticipated in the fourth quarter and the Trade Balance surplus fell short of expectations. These economic indicators underscore the argument for the Reserve Bank of Australia (RBA) to consider rate cuts in the near future. Market speculation suggests that the RBA may commence rate cuts as early as August, with a total easing of 45 basis points anticipated for 2024.
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