Aussie Dollar Set for First Weekly Gain in Three
The Australian dollar advanced to approximately $0.660 on Friday, recovering some ground from the previous session and positioning itself for its first weekly increase in three weeks. The currency was bolstered partly by the US dollar's struggles, which were pressured by increasing likelihoods of imminent Federal Reserve rate reductions and concerns over a US government shutdown—the first in nearly seven years. Domestically, the Australian dollar received further impetus from the Reserve Bank of Australia's more hawkish tone, as officials warned of inflation surpassing expectations. Currently, market forecasts suggest about a 45% probability of a quarter-point rate cut at the November 4 meeting, significantly down from the nearly 100% chance anticipated a month ago, indicating a shift in policy outlook. Meanwhile, investors evaluated new data indicating that Australia’s services sector expanded for the 20th consecutive month in September, albeit at its slowest rate since June.
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