The AUD/USD pair snaps the three-day losing streak near 0.6615 on Tuesday during the early Asian session.
AUD/USD holds positive ground around 0.6615 amid the softer US Dollar on Tuesday. The RBA is anticipated to keep rates steady at 4.35% at its June meeting on Tuesday. The hawkish tones of the Fed officials might cap the upside for the pair in the near term. The weaker US Dollar provides some support to the pair. Investors will closely monitor the Reserve Bank of Australia interest rate decision and Governor Michele Bullock’s press conference.
The stronger than expected Q1 CPI also makes it hard to see the RBA being sufficiently confident that inflation will return to and stay in the band by the time the November meeting comes around, said ANZ head of Australian economics Adam Boyton. On the USD’s front, US Federal Reserve Chairman Jerome Powell refrained from hinting at a specific timeline for rate cuts and reiterated a data-dependent approach in the post-meeting press conference.
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