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Australian Dollar Soars as the US Dollar Sinks. Will AUD/USD Make a New Peak?
The Australian Dollar scampered higher overnight after the US Dollar took a beating in the wake of the Federal Reserve meeting minutes from earlier this month. The minutes showed a willingness by some board members to step back from the jumbo 75 basis point (bp) hikes that have been seen at four consecutive meetings, including the last one. This message has been telegraphed by several Fed speakers since that Federal Open Market Committee (FOMC) meeting. The market had priced a 50 bp hike at the December gathering before and after the meeting and continues to do so. The market appears to have interpreted the meeting ... (full story)