Published Nov 24, 2023 04:30PM ET
The Australian dollar reached a three-month peak against the US dollar today, trading at 0.6591, buoyed by a combination of positive market sentiment and waning US dollar strength. The shift in currency dynamics follows the release of mixed economic indicators from the United States.
Today’s reports showed an expansion in the US services sector, with the S&P Global Services PMI registering at 50.8, and growth in the composite sector indicated by a Composite PMI of 50.7. However, these positive developments were tempered by a decline in manufacturing activity, as evidenced by the Manufacturing PMI falling to 49.4. The contrasting data have fueled speculation about possible changes in the Federal Reserve’s approach to monetary policy, despite earlier indications of…