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24.05.2019: RBA rate cut forecast weighs on AUD (USDX, JPY, AUD)

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The US dollar keeps on paring gains after a sharp fall on Thursday. It has reached its lowest level for 2 years.
After the release of weak data, market participants concluded that the US economy began to contracting drastically. In May, the US manufacturing activity grew at its weakest pace in a decade. Experts think that the US-China trade conflict is causing the US much more damage than it was supposed to.
During the night, the dollar index dipped from 2-year high at 98.371. In the Asian session, the reading did not change. The greenback was trading at 97.721 against its rivals.
Due to the weak US GDP growth, investors expect the Fed to cut its key rate in order to stir up the economy. This news affected the US dollar as well.
The US-China trade conflict is getting tense. That's why investors are seeking safe-haven assets amid risk aversion. The USD/JPY pair is pressurized by the increased demand for safe-haven assets. Thus, it lost its gains. During the Asian session, the pair was trading at 109.49. The risk of further decline remains possible. A reversion above 109.70 will indicate weakness of sellers.
The Australian dollar has weakened today against its major counterparts. Westpac allowed the RBA to cut its key rate three times this year, while the market participants expected the two easings.The AUD/USD pair is expected to drop to 0.66 by the end of the year. On Friday, the pair dipped to the level of 0.6881, then it attempted to bounce off. The market is believed to overdo itself, anticipating the monetary policy easing.
Despite its downfall, the Aussie is highly likely to recoup its losses by the end of the week.

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