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Old 25-09-2023, 11:04
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Default AUD/USD Nears 0.6400: Focus on US Core PCE and Aussie CPI

The AUD/USD pair is currently undergoing a retracement, with its value hovering around the 0.6420 mark during the Asian trading session on Monday. This pullback comes after the pair experienced some upward momentum last week, buoyed by a combination of positive Australian PMI data and a weaker US Dollar.

Australia’s PMI data provided a mixed picture, with the Services PMI showing a modest improvement, rising to 50.5 in September from 47.8 in August. On the other hand, the Manufacturing PMI declined slightly from 49.6 to 48.2. The Composite Index, which combines both sectors, managed to move into expansion territory, climbing from 48.0 to 50.2.

The recent minutes from the Reserve Bank of Australia’s (RBA) September meeting hinted at a dovish stance. While the RBA acknowledged the possibility of additional tightening measures if inflation persists, they also emphasized the case for maintaining the current monetary policy. This delicate balance in the RBA’s approach underscores the importance of upcoming economic data, particularly Australia’s Consumer Price Index (CPI) and Retail Sales figures, which could significantly impact the AUD/USD pair’s trajectory.

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