The AUD/USD pair surrenders its modest intraday gains to the 0.6425-0.6430 region and hovers near the lower end of its daily range during the early Eu
ropean session on Friday. Spot prices currently trade around the 0.6400 round-figure mark and remain well within the striking distance of the lowest level since November 2022 touched the previous day.
Despite talks of additional Chinese stimulus measures, concerns about the worsening economic conditions in the world's second-largest economy continue to act as a headwind for antipodean currencies, including the Australian Dollar . The fears were fueled by the fact that China Evergrande Group – one of the country's biggest real estate developers – has filed for protection from creditors in a US bankruptcy court.
Apart from this, the disappointing domestic jobs data on Thursday pretty much confirms another on-hold rate decision by the Reserve Bank of Australia in September and continues to undermine the Aussie. The US Dollar , on the other hand, reverses a modest intraday dip and stands tall near its highest level in more than two months in the wake of firming expectations that the Federal Reserve will keep interesthigher for longer.
That said, the Relative Strength Index on the daily chart is already flashing oversold conditions and holding back traders from positioning for any further losses in the absence of any relevant
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