AUD/USD drops on weak GDP; USD/INR hits record high above 90
AUD/USD declined 0.5% to 0.6420 following disappointing Australian Q3 GDP data showing only 0.4% q/q growth versus 0.7% expected, signaling economic slowdown. RBA Governor Bullock's comments acknowledging upside inflation surprises while maintaining anchored expectations suggest potential policy tightening ahead. Meanwhile, USD/INR surged to a record high above 90.00 as the Indian rupee weakened amid dollar strength and capital outflows. Asian services PMI data showed mixed results with China's Caixin PMI falling to 52.1 from 52.6, while Japan's final services PMI improved marginally to 53.2. Market uncertainty increased following reports of Trump's Fed chair candidate selection process and controversial statements about Biden pardons. The weak Australian growth data reinforces bearish pressure on AUD/USD with immediate support at 0.6400, while resistance sits at 0.6450.
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