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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
AUD/USD trades around 0.7030-0.7035 in the Asian session on Thursday, near its monthly top, as recent hawkish comments from RBA officials continue to underpin the Australian Dollar. The US Dollar, meanwhile, struggles to lure buyers amid further declines in US bond yields, adding support to the pair. However, Fed rate-hike bets and geopolitical uncertainty help limit losses for the safe-haven buck, warranting caution for Aussie bulls.
USD/JPY extends its consolidative price action through Thursday's Asian session, trading just above 158.00 amid diverging forces. Uncertainty over the timing of the next BoJ rate hike keeps Japanese Yen bulls on the defensive. The US Dollar, meanwhile, languishes near multi-week low amid declining US bond yields. Furthermore, looming intervention risks limit JPY losses and cap the pair. Traders also seem hesitant ahead of the Fed and BoJ meetings next week.
Gold is down 1% to near $4,095 in the Asian trading session on Thursday on the back of fears that global inflation expectations could accelerate further due to heightened geopolitical tensions in the Middle East.
Washington lent out a third of the Strategic Petroleum Reserve this year rather than selling it. The loans come due from now to 2029, and after the midterms, the reserve has nothing left to hold fuel prices down. The US Strategic Petroleum Reserve held 282.7 million barrels in the week to October 16, down another 300K, and lower than at any point since October 1982.
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