The Australian dollar was already weaker on growing expectations for a rate cut in Australia due to lower inflation. And then came the Fed, basically hinting of a rate hike in December.
AUD/USD ended its recovery and slopped around 80 pips to 0.7080. A “dead cat bounce” results in the pair struggling to recapture the 0.71 handle. Will we see a challenge of 0.71?
Read the rest of the article AUD/USD at the 0.70 handle on hawkish Fed