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Weekly Roundup: Australian dollar slumps as sentiment sours

Philip McHugh October 17th 2023 - < 1 minute read

The Australian dollar enjoyed a positive start to the week as rising commodity prices and a weaker US dollar boosted the ‘Aussie’.

However, AUD then slumped midweek. Markets grew increasingly fearful of a global economic downturn, amid the prospect of higher borrowing costs and the worsening crisis in the Middle East.

The risk-sensitive ‘Aussie’ struck monthly lows against some peers by the end of the session, as sentiment remained thoroughly downbeat.

So far this week, AUD has managed to rebound from recent lows, although its upside seems limited amid the ongoing gloomy mood.

The minutes from the Reserve Bank of Australia’s (RBA) latest policy decision are due out on Tuesday morning. A dovish consensus among policymakers could see AUD refresh its recent lows.

Written by
Philip McHugh

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