The local currency rose to a nine-day peak on hopes the US Federal Reserve is done raising rates. Investors await a speech by Fed chief Jerome Powell on the outlook.
Soft manufacturing data has stoked expectations that central banks may not have to raise rates again to contain inflation, knocking bond yields and the US dollar lower and giving the Australian dollar some much-need reprieve after its recent sharp decline.
Australian bond yields were dragged lower with the three-year rate down 4 basis points to 3.8 per cent and the 10-year off 14 basis points to 4.13 per ent.All eyes are now set on the annual central bank summit in Jackson Hole, Wyoming, that kicks off on Friday where For now, she sees key support for the Australian dollar at US62¢ and a test would trigger a wave of bargain hunting. Ms Zaman added that the Aussie faced downside risks in the coming month, but it would likely rebound in three to six months to above US65¢ by year-end.TD Securities is even more optimistic on the currency’s outlook, arguing that the bearishness on China was too aggressive. It predicts that the Australian dollar will jump 4 per cent to US67.4¢ by late October.
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