The AUD/USD pair turns sideways in Tuesday’s European session after printing a fresh six-month high at 0.6760 on Monday.
AUD/USD turns sideways near 0.6750 as Fed Powell’s testimony comes under spotlight. Increased market speculation for Fed rate cuts in September has improved market sentiment. The RBA is expected to raise interest rates further. The Aussie asset consolidates as investors shift to the sidelines ahead of the Fed eral Reserve Chair Jerome Powell’s semi-annual Congressional testimony, which is scheduled at 14:00 GMT.
Meanwhile, the market sentiment remains upbeat amid firm speculation that the Fed will start reducing interest rates from the September meeting. S&P 500 futures have posted decent gains in European trading hours. The US Dollar Index , which tracks the Greenback’s value against six major currencies, gains ground near 105.00. On the Aussie front, investors expect that the Reserve Bank of Australia could tighten its policy further as the disinflation process appears to have reversed.
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