The Australian Dollar has seesawed its way through the overnight and into the North American session, having initially opened around 0.7250 against the U.S Dollar, the pair edged up towards 0.7280 during Asian trade however as the European markets opened the pair was unbale to hold on and relinquished all those gains touching a low of 0.7220.
As we moved through trading regions and sessions, investors eagerly awaited the US Fed announcement. The AUD/USD pair jumped up from 0.7255 to 0.7307, the highest in 4-weeks once the Fed’s decision of raising interest rates to 2.00-2.25% was released, the third hike of the year. The Greenback was sold off quickly following the statement which could be due to some bets that the removal of the “accommodative” in the statement indicates less urgency for tightening. The odds of a December rate hike slipped below 80% after the announcement according to the CME FedWatch tool.