AUD Loses Ground as US Inflation Concerns Weigh

The Australian Dollar has been losing ground against the US Dollar due to persistent inflation concerns in the United States. The US Dollar is receiving strong support from elevated energy costs and market expectations of higher interest rates.

Traders are closely watching the upcoming US September employment data, which is expected to show a slowdown in job additions to 90,000, down from 162,000 in the previous month.

Matt Comyn, CEO of Commonwealth Bank, noted that while CBA believes the Reserve Bank of Australia has finished hiking interest rates for now, the November meeting remains 'live' with another rise still a possibility, depending on upcoming inflation data.