- Australian Dollar edges higher ahead of RBA policy meeting, as investors anticipate an unchanged Official Cash Rate of 4.35%.
- RBA's forward guidance on interest rates beyond the current year will be closely scrutinized amid persistent inflationary pressure and a solid labor market.
- On the other hand, the US Dollar regained some ground, buoyed by skepticism regarding the Federal Reserve's aggressive rate-cutting path.
- CME FedWatch data indicates a total of 75 bps in rate cuts over November and December, with a 50% probability of a 50 bps reduction in November.
- Over 100 economists polled by Reuters forecast 25 bps rate cuts at both of the Fed's remaining meetings.
- On the data front, the composite S&P PMI expanded at a slower pace of 54.4 in September, down from 54.6 in August.
- Manufacturing PMI unexpectedly declined to 47.0, while the services PMI expanded at a better-than-projected 55.4.
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