AUD climbed to its weekly peak. Overview for 24.10.2023

The Australian dollar is rising against the US dollar on Tuesday. The current AUDUSD exchange rate stands at 0.6354.

Aussie rose to its weekly high because the US government bond yield started declining, and geopolitical risks shrank.

Lots of market attention is focused on the comments and actions of the Reserve Bank of Australia. After recent aggressive movements of the RBA towards reaching its fiscal goals, traders hoped that the regulator would somehow soften its rhetoric.

This week, Australia will be active on the macroeconomic calendar. It has already issued PMI reports today. The PMI in production in October dropped to 48.0 points from 48.7 points previously. The PMI in services slid down to 47.6 points from 51.8 points earlier. The decline below 50 means that business activity has also dropped.

Inflation statistics should never be skipped. For Wednesday, a consumer inflation Q3 release is due. The CPI is expected to drop to 5.2% y/y from 6.0%. Calculated quarter by quarter, inflation could have risen to 1.1% from 0.8% previously. Strong inflation data may support Aussie.