

Aussie drops to 3-week low on weak sentiment and domestic data

The Australian dollar extended its recent losses, marking a three-week low as weak domestic economic data and cautious global market sentiment weighed on the currency. A private survey showed a dip in consumer confidence in September, reflecting growing concerns over the economy and job security. Additionally, business sentiment hit a nine-month low in August, adding further pressure to the Australian economy. These indicators have sparked worries that economic growth may be stalling, especially as inflation remains stubbornly high. Read more to find out about the Australian dollar latest insight here.

AUD outlook

Disclaimer:

For short-term traders, the Australian dollar could remain under pressure as both domestic and global uncertainties play out. Market participants should closely monitor upcoming U.S. inflation readings, as any surprises could lead to heightened volatility in the currency pair. Additionally, traders will look for further guidance from the RBA as inflationary pressures remain the focal point in shaping monetary policy. Traders are advised to prioritize proper risk management to make well-informed trading decisions.

Publication date:

2024-09-16 17:18:56 (GMT)

The terms and conditions of use set out below (referred to as "FX Blue's Terms"), form a contractual agreement governing FX Blue's relationship with you in relation to your use of this Website (“Agreement”) and you agree to be legally bound by FX Blue's Terms just as if you had signed this Agreement. By using this Website and any Information, you are agreeing to comply with and be bound by FX Blue's Terms, including any revisions that may be made to FX Blue's Terms from time to time. FX Blue reserves the right, in FX Blue's sole discretion, to change, modify, add or remove portions of FX Blue's Terms at any time by posting the revisions on the Website. You should check FX Blue's Terms periodically for changes as by using the Website after FX Blue posts any changes to FX Blue's Terms, you are agreeing to accept those changes, whether or not you have reviewed them, and you waive any right you may have to receive individualised notice of such changes. FX Blue's Terms may be supplemented by additional terms and conditions pertaining to specific content and activities. You agree and understand that such additional terms and conditions are hereby incorporated by reference to FX Blue's Terms. Your continued use of the Website means that you accept any new or modified FX Blue Terms.