The Australian dollar fell against the greenback overnight, hitting a daily low of 0.6779 on the back of a mixed employment report and the RBA Bulletin. According to the official release, the country added 34.7K new jobs in August.
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The USD/JPY pair rose to its highest level since early August at 108.48 during the American trading hours on Wednesday after the Federal Reserve refrained from giving any hints regarding the next policy move despite announcing a 25 basis points rate cut.
EU’s Juncker said that if the objectives of the backstop are met through alternative arrangements, the backstop won´t be needed, adding that there could be a deal by the October deadline. GBP/USD hits fresh 7-week highs in the 1.2530 region.
Mr. Powell warned against assuming that this was the beginning of a rate cutting cycle. “That is not what we are seeing now, that’s not our perspective now.’ He noted that the Fed has gradually moved to a more accommodative policy this year from a rate increase last December to a pause for several months and then to this cut. The dangers that the Fed sees facing the American economy are not homegrown but are global and trade factors from the China dispute and Brexit to the worldwide slowdown in growth.
"A cycle is a recognizable price pattern or movement that occurs with regularity in a specific time period"
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