AUDUSD Correction Up

#market_pulse #currencies


💸Dollar Gains as Traders Trim US Rate Cut Bets

▫️ Dollar vs Major Currencies: The dollar is heading for its largest weekly rise in a month and a half, driven by strong U.S. economic data. The dollar index is up nearly 0.6% for the week, sitting at 105.1.

▫️ Japanese Yen: The dollar is up almost 1% against the yen this week, trading at 157.11 yen. Despite rising Japanese bond yields, the yen remains weak due to attractive dollar carry and market concerns over inflation.

▫️ Australian Dollar: The Aussie dollar slipped to $0.6592, down 1.4% for the week, failing to hold a key chart level of $0.6650.

▫️ New Zealand Dollar: The kiwi remains 0.6% weaker on the week at $0.6098, despite support from a hawkish Reserve Bank of New Zealand.

▫️ Euro: The euro traded at $1.0809, down 0.5% for the week. It was helped slightly by a European wage indicator but remains under pressure with ECB rate cut expectations high.

▫️ Chinese Yuan: The yuan was steady at 7.2454 per dollar, eyeing its steepest one-week fall since March amid ongoing China-Taiwan tensions.


👀 Key Developments to Watch:

Final German GDP figures
British and Canadian retail sales
U.S. durable goods orders
Speeches from ECB and Federal Reserve policymakers, especially Fed Governor Christopher Waller on longer-term rates

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