The Australian and New Zealand dollars held near five-week highs on Monday as their U.S. counterpart struggled with expectations of an impending rate cut, while policy in Australia is seen on hold for at least another month.
The Aussie edged up to $0.6857 and further way from last week's low at $0.6724. The next major chart target is a top from September at $0.6895. The kiwi dollar reached $0.6396, up from a trough of $0.6241 last week. It also has a September peak to aim for at $0.6450.
Investors are wagering heavily the U.S. Federal Reserve will cut rates again at its Oct. 30 policy meeting, with futures implying an 88% chance of a move.
In contrast, the market has scaled back bets for an easing from the Reserve Bank of Australia (RBA) at its next meeting on Nov. 5 following data showing an unexpected dip in the jobless rate to 5.2%.
The Reserve Bank of New Zealand (RBNZ) may not wait so long, with the market pricing in around a 87% chance of a quarter-point cut to 0.75% at its Nov. 13 policy meeting.
13 Jul 2020 04:57 PM
Indian shares ended higher on Monday, led by a rally in Reliance Industries, ahead of June's inflation data which investors bet would lead to further interest rate cuts by the central bank.
13 Jul 2020 02:43 PM
The Indian rupee was little changed against the greenback, amid focus on decline in the dollar index
13 Jul 2020 11:45 AM
Indian shares climbed on Monday, as investors bet June inflation data later in the day would lead to further interest rate cuts by the country's central bank, while Reliance Industries gained for a third session.
13 Jul 2020 11:15 AM
The yuan hovered around the key 7 per dollar threshold on Monday, ahead of economic data this week
13 Jul 2020 10:45 AM
Gold prices rose on Monday, holding ground above the key $1,800/oz level, as a weaker dollar and worries over surging COVID-19 cases around the globe kept the safe-haven metal underpinned.
13 Jul 2020 10:31 AM
The Indian rupee was at 75.1275/75.1375 to the dollar against 75.2000/75.2100 in the previous session