The Australian dollar continues to rise against the US dollar. It is heading towards achieving gains in the coming days, as the Australian dollar recorded 0.66130 per US dollar, compensating for some of the losses it incurred earlier in the week, as signs of a slowdown in the labor market in the United States affected the US currency and raised the other major currencies.

The Australian dollar was also under pressure earlier this week after the Reserve Bank of Australia kept interest rates unchanged at 4.35% as expected.
The central bank said that keeping interest rates steady will allow itself time to evaluate the impact of interest rate increases on demand, inflation, and the labor market.

As for the Australian economy, it grew by 0.2% every quarter in the third quarter, recording the slowest growth in a year.
As for the US dollar, it witnessed a strong decline during Thursday’s trading, affected by rising market expectations regarding the imminent date of reducing US interest rates, with anticipation of the release of US labor market data for last November, in addition to preliminary data on consumer confidence and inflation expectations issued by the University of Michigan, They have strong repercussions on market expectations regarding the Federal Reserve’s moves regarding the monetary tightening cycle, and this, in turn, may have a strong impact on the movements of the US dollar in subsequent currency market trading.

Technical indicators for the Australian dollar against the US dollar indicate a state of initial stability in the movement, as the relative strength index moves at 58.28, and the moving averages tend towards selling in the upcoming trades.
 

*All data provided is intended for educational or informational purposes only and should not be considered investment advice.