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Market Update: Aussie Extends Losses after Fed
The Australian Dollar extended losses to 7-week lows below 77 against the US Dollar on Wednesday, after the Federal Reserve set a more hawkish tone and brought forward the time frame on when it will hike interest rates. Meanwhile, traders also await further signs on when the RBA will join its New Zealand counterpart in withdrawing stimulus. June minutes from the RBA earlier this week showed that policymakers believe the economy is expanding more rapidly than previously anticipated, while sticking to its prediction that interest rates will remain at record lows until 2024. Investors will also keep an eye on a speech by central bank Governor Philip Lowe on Thursday and employment data for May after the governments JobKeeper wage subsidy concluded at the end of March. Markets expect the jobless rate to be steady at 5.5%, with employers adding 30K positions. [/s2If]
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