AUD/USD Keeps Climbing as Markets Eye Fed Rate Cut 🚀

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The Aussie’s on a roll. Up another 0.2% Monday, hitting 0.6602. Fifth straight day of gains. Pretty impressive stuff.

The dollar’s looking weak across the board. Traders seem to be betting big on Fed rate cuts. They’re positioning early.

Everyone’s eyes are on Friday’s US jobs report now. It’s the big one. Might just be what pushes the Fed to cut rates when they meet on September 17. Markets think weak employment numbers will seal the deal 📉

Kind of surprising to see such movement on Labor Day. UK markets closed. Trading volumes weren’t great. Didn’t matter much.

Last week’s momentum is still going strong. The pair’s climbed over 2.1% since hitting that 0.6415 low in August. Not bad at all.

Mid-week could shake things up. Australian GDP figures drop Wednesday. Growth might hit 0.5% for the quarter. But it’s not entirely clear if good news will even help much. The RBA seems cautious lately. Inflation’s been ticking up a bit.

For America, we’ve got manufacturing numbers Tuesday. Services data Thursday. Job openings and Fed talks Wednesday. Friday’s report will probably overshadow everything else though.

Looking at the charts, AUD/USD seems headed for the top of its range. Found good support near the 200-day average around 0.6460. Strong floor there. But seven sessions up? Bulls might be getting tired 🔥

The Aussie dollar still moves with commodities. Iron ore especially. And whatever happens in China matters a lot. Sitting at 0.6602 now, this week’s data will show if the rally can keep going 🌕

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