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AUD/USD spikes back above 0.6660 as dovish Fed sends US Dollar tumbling
The AUD/USD is catching a firm risk-bid as markets surge higher following a dovish pivot to the Federal Reserve’s (Fed) policy stance; the Fed now sees at least three rate cuts in 2024, for a combined 75 basis points in rate cuts next year. The Australian Dollar (AUD) is one of the best-performing currencies of the majors bloc on Wednesday, seeing a firm bullish break to climb 1.5% against the US Dollar (USD) on the day. The Fed’s dot plot adjustment on Wednesday still falls well short of market expectations, but does a good job of meeting investors at the halfway mark: money markets are currently pricing in a ... (full story)