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Australia’s NAB Business Confidence and the RBA Meeting Minutes are on the radar for Tuesday morning. Delve into the Meeting Minutes to gain more insights into interest rate goals and factors such as inflation and the labor market that could impact the market. Keep an eye on RBA Deputy Governor Hauser’s speech for additional perspective. The Monthly CPI Indicator, falling from 3.5% to 2.7%, is within the RBA’s target range and could influence Aussie dollar demand. Could we see an AUD/USD shift towards $0.67 with support for a Q4 2024 RBA rate cut?
In the US economic calendar, focus on the RCM/TIPP Economic Optimism Index forecast to rise and FOMC member speeches following the latest Jobs Report. Strong consumer sentiment may boost private consumption and impact the market. How will upbeat US data and calls to delay Fed rate cuts play out in the market, possibly driving the pair towards $0.67?
Stay ahead of the game with our short-term forecast for AUD/USD. Watch for central bank commentary, Aussie business and consumer sentiment, and the US CPI Report to influence near-term trends. Will upbeat Aussie data align with expectations for an RBA policy hold through Q4 2024? Keep an eye on RBA forward guidance as support for a Q4 2024 rate cut could shape the AUD/USD trajectory towards $0.67.
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