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Australian dollar rose as US dollar softened; markets expect Fed to hold rates in October. Focus shifts to RBA.
Rupee extended its winning streak on Tuesday, strengthening to 94.96 against the US dollar. The currency opened at 95.53 in the interbank market and rose 82 paise or 0.7% from its previous close.
ING’s Chris Turner notes that the Dollar stays well supported as markets focus on solid US growth, above-target inflation and expectations for further Federal Reserve tightening. A potentially strong US September CPI is seen keeping rate expectations elevated. Turner highlights DXY consolidation above 102 as bullish…