- The bearish momentum for the Australian Dollar was caused by an irresolute US Dollar and skepticism about China's stimulus measures.
- A decline in copper prices also contributed to the downward pressure on the Australian Dollar, while iron ore prices remained mostly unchanged.
- Deflationary concerns deepened in China based on September data, raising doubts about the effectiveness of its stimulus efforts.
- Market sentiment reflects a 55% probability of a 25 bps rate cut by the RBA by year-end.
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