Australian Dollar gains as Treasury buyback offsets hawkish Fed
The Aussie Dollar advances on Wednesday, up over 0.56%, as the US Dollar registers losses amid the US Treasury bond buyback and despite the release of hawkish Federal Reserve minutes from the July meeting. The AUD/USD trades at 0.7127.
The Australian Dollar has gained over 0.56% against the US Dollar, trading at 0.7127, as the US Dollar lost value due to the US Treasury bond buyback and hawkish Federal Reserve minutes from the July meeting. The Treasury's bond buyback aims to moderate yields amid high energy prices and tensions between the US and Iran, which have kept yields near year highs.
Meanwhile, the Federal Reserve acknowledged broad-based inflation and considered tightening policy if inflation did not decline, with Fed Chair Kevin Warsh suggesting additional meetings to review data. Traders are also monitoring upcoming economic data releases, including employment figures in Australia and the US.
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