Australian Dollar Forecast: Caught in the US Dollar Vortex

Forecast for the Australian Dollar: Neutral

  • The US Dollar halted the Australian Dollar’s ascent.
  • Before the hawks got involved, prospects of a Fed turn were fueled by a lackluster US PPI.
  • Despite solid domestic statistics, the dial only moved a little. AUD/USD: Will yields change?

The Australian Dollar made another attempt to climb last week, reaching a 2-month high of little less than 68 cents before retreating as the US Dollar regained the upper hand.

After a benign CPI report the week before and the US PPI missing predictions early in the week, the rise took place. As a result, there were market expectations that the Federal Reserve would end its rapid tightening cycle.

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