AUD/USD reversed its course during the North American session, dropping more than 0.
AUD/USD drops more than 0.80%, trading at 0.6328 after hitting a daily high of 0.6376. US employment costs rise by 1.1%, above estimates, and Consumer Confidence deteriorates for a third straight month. The US Federal Reserve commences its two-day meeting, with expectations for rates to remain unchanged. The Reserve Bank of Australia faces pressure due to high inflation and strong consumer demand, with a 60% chance of a rate hike on November 7.
After that, Fed Chair Jerome Powell would deliver its press conference, which would be interesting to see if he keeps the door open for another hike. Earlier in that day, the ADP Employment Change, along with PMIs, revealed by S&P Global and ISM, could stir the boat ahead of the Fed’s decision. On Australia’s front, the Reserve Bank of Australia remains under pressure due to high inflation and strong consumer demand.
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