❗️Chinese Property Stimulus and PBoC Measures Boost Australian Dollar Strength❗️
The Australian Dollar (AUD) looks set to extend its winning streak against the US Dollar (USD) for the third consecutive session, supported by a weakened USD influenced by mixed S&P Global PMI data. The positive momentum is also fueled by ongoing stimulus in the Chinese property market, fostering an optimistic market sentiment and resulting in a positive performance in equity markets. Additionally, the People's Bank of China (PBoC) has announced measures to enhance financial support for private firms, further contributing to the AUD's strength.
Moreover, the Reserve Bank of Australia (RBA) Governor Michele Bullock's recent hawkish comments contribute to the Aussie's strength. Bullock emphasizes that the inflation challenge is driven by domestic demand, emphasizing that monetary policy tightening is an appropriate response to demand-driven inflation. This comprehensive support and positive rhetoric from both China and the RBA Governor position the Australian Dollar favorably against the US Dollar.
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