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The Australian dollar edged lower and was still hovering near a seven-month high of $0.6798 on Monday. However, AUD/USD gained on rising risk appetite following Friday’s dovish speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium.
The Australian dollar was also supported by hawkish sentiment surrounding the outlook for Reserve Bank of Australia policy. Minutes from the most recent RBA meeting showed board members agreed that a rate cut was unlikely in the short term. In addition, Reserve Bank of Australia Governor Michele Bullock said the Reserve Bank of Australia would not hesitate to raise interest rates again to combat inflation if necessary.
The U.S. dollar (USD) fell in value as the likelihood of a rate cut in September increased. Markets now fully expect the Fed to cut interest rates by at least a quarter point at its September meeting, according to CME Group’s FedWatch tool.
Federal Reserve Chairman Jerome Powell said at the Jackson Hole symposium that “now is the time to adjust policy.” However, Powell did not specify when he would start cutting interest rates or how much they might be.
