$A hit as strong US data dents rate cut hopes
Cecile LefortMarkets reporter
The Australian dollar sold off on Tuesday after surprisingly strong US data confirmed the economy’s resilience and raised doubts the Federal Reserve will need to cut interest rates anytime soon.
Traders scaled back their rate bets in both the US and Australia after data from the US Institute for Supply Management showed a rebound in industrial production, ending 16 straight months of contraction which was the longest stretch in more than two decades.
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