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AUD/USD Gets RBA Jolt, Weakness Expected

RBA might ease in November, undermining the Aussie. Pandemic helps USD strength as safe-haven bids pile up. US data awaited for fresh impetus. AUD/USD trades near the daily lows today during the ea…

RBA might ease in November, undermining the Aussie.

Pandemic helps USD strength as safe-haven bids pile up.

US data awaited for fresh impetus.

AUD/USD trades near the daily lows today during the early European session, near 0.7075-70.

The weakness was due to the expectations of continued dovishness from the Reserve Bank of Australia. Its governor Philip Lowe comments on Thursday indicated that the central bank would prefer to cut interest rates or pursue further stimulus measures in the November meeting. The selloff triggered by the clue continued today, and the pair drifted to the area surrounding the three-week low posted yesterday.

The policy action might have been influenced by the heightened worries recently about the jump in the number of new coronavirus…

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