Forex News

Ausie dollar rebounds from 1-yr low as strong jobs raise rate cut uncertainty

2024.12.11 22:20

Ausie dollar rebounds from 1-yr low as strong jobs raise rate cut uncertainty

Investing.com– The Australian dollar rose sharply on Thursday, rebounding from a one-year low after stronger-than-expected labor data raised doubts over the potential timing of interest rate cuts by the Reserve Bank of Australia. 

The pair jumped 0.7% to $0.6411, rebounding sharply from its weakest levels since November 2023. 

The spike in the currency came after labor data for November showed a stronger-than-expected increase in the , while Australia’s unexpectedly slid to 3.9% from 4.1%. 

The reading signaled that Australia’s labor market remained robust, undermining expectations for interest rate cuts by the RBA. Traders were seen sharply scaling back bets that the central bank will cut rates in February 2025, with general consensus shifting more towards a cut in the second quarter. 

“We expect the first rate cut to occur in May 2025. Softer economic data from the recent national accounts release raised the risk of a February cut, but this labour market result offsets that risk somewhat,” ANZ analysts wrote in a note. 

Peer Westpac also expects the RBA to begin cutting rates from May, in what is expected to be a shallow easing cycle.

The RBA had at a meeting earlier this week, but struck a slightly less hawkish chord in the face of softening economic growth in the country. 

But the bank offered scant cues on when it plans to begin cutting rates, citing concerns over sticky inflation and strength in the labor market. 



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 100,110.82 0.03%
ethereum
Ethereum (ETH) $ 3,933.14 1.51%
xrp
XRP (XRP) $ 2.44 4.20%
tether
Tether (USDT) $ 1.00 0.02%
solana
Solana (SOL) $ 230.87 2.57%
bnb
BNB (BNB) $ 733.55 1.07%
dogecoin
Dogecoin (DOGE) $ 0.445786 3.46%
usd-coin
USDC (USDC) $ 1.00 0.25%
cardano
Cardano (ADA) $ 1.14 5.29%
staked-ether
Lido Staked Ether (STETH) $ 3,930.61 1.46%
tron
TRON (TRX) $ 0.301963 4.21%
avalanche-2
Avalanche (AVAX) $ 50.57 2.24%
shiba-inu
Shiba Inu (SHIB) $ 0.00003 5.40%
the-open-network
Toncoin (TON) $ 6.54 3.19%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,638.16 1.78%
chainlink
Chainlink (LINK) $ 25.43 3.75%
polkadot
Polkadot (DOT) $ 9.73 7.15%
stellar
Stellar (XLM) $ 0.463124 5.06%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 99,670.70 0.08%
bitcoin-cash
Bitcoin Cash (BCH) $ 606.81 2.06%
sui
Sui (SUI) $ 4.06 3.68%
hedera-hashgraph
Hedera (HBAR) $ 0.310377 5.35%
pepe
Pepe (PEPE) $ 0.000026 5.55%
weth
WETH (WETH) $ 3,922.79 1.76%
uniswap
Uniswap (UNI) $ 17.41 7.87%
litecoin
Litecoin (LTC) $ 126.25 5.86%
near
NEAR Protocol (NEAR) $ 7.28 4.89%
leo-token
LEO Token (LEO) $ 9.41 1.98%
wrapped-eeth
Wrapped eETH (WEETH) $ 4,146.31 1.48%
aptos
Aptos (APT) $ 13.60 5.84%
internet-computer
Internet Computer (ICP) $ 13.61 5.81%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.25%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.654981 6.87%
usds
USDS (USDS) $ 1.00 0.37%
ethereum-classic
Ethereum Classic (ETC) $ 35.15 4.66%
vechain
VeChain (VET) $ 0.063955 6.06%
crypto-com-chain
Cronos (CRO) $ 0.189695 5.37%
render-token
Render (RENDER) $ 9.73 4.96%
bittensor
Bittensor (TAO) $ 673.17 4.09%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.89 7.78%
kaspa
Kaspa (KAS) $ 0.180359 2.21%
arbitrum
Arbitrum (ARB) $ 1.09 5.55%
filecoin
Filecoin (FIL) $ 7.24 7.14%
hyperliquid
Hyperliquid (HYPE) $ 13.07 9.58%
aave
Aave (AAVE) $ 277.98 1.46%
mantle
Mantle (MNT) $ 1.19 6.58%
mantra-dao
MANTRA (OM) $ 4.17 2.82%
algorand
Algorand (ALGO) $ 0.471767 5.29%
blockstack
Stacks (STX) $ 2.54 3.93%
monero
Monero (XMR) $ 203.22 0.78%