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It jumped to a high of 0.6717, the highest point since September. It has made a strong recovery after rising by over 8.6% from its lowest level this year.The AUD/USD price has made a strong bullish recovery in the past few weeks as the US dollar strength fizzled. The US dollar index has made a deep dive recently as hopes of a Fed pivot increased.changed its statement modestly. In it, the bank said that it will maintain high-interest rates for a longer period.
Official numbers showed that the headline CPI dropped from 8.3% to 7.7% in October. Core inflation also declined at a faster pace than what analysts were expecting. Therefore, it seems like the Fed and the Reserve Bank of Australia have converged. The RBA started pivoting in its September meeting. After delivering several 0.50% hikes earlier this year, it shifted to 0.25% in the past two meetings.
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