AUD/USD set to record minimal weekly losses

The Australian dollar is set to finish the week with losses of 0.50%. The Australian Dollar prepares to finish the week negative, dropping against the US dollar while market sentiment turned negative due to the lack of a catalyst.

The only factor that could be considered as a catalyst was delivered by statements of Fed policymakers continuing to signal its hawkish campaign. In addition, US Treasury yields advanced, underpinning the US dollar. At the time of writing, the AUD/USD is trading at 0.6675.

The United States economic calendar revealed Existing Home Sales for October, which declined by 5.9%, below a 4.17% expansion expected by economists. Home sales have fallen since February 2022, as the Fed continued its tightening cycle to fight hot inflation.

Fed officials reiterated that inflation is high, that October inflation figures, although encouraging it’s only one positive reading in eleven months and added that they would continue to hike rates.