The unabated selling pressure on the US Dollar (USD) led to additional gains in AUD/USD, resulting in three consecutive sessions of gains and a move to the proximity of 0.6700 the figure on Monday.
AUD/USD’s advance faltered just ahead of 0.6700. Further selling in the US Dollar lent wings to AUD. The final Judo Bank Manufacturing PMI came in a tad higher. The unabated selling pressure on the US Dollar led to additional gains in AUD/USD, resulting in three consecutive sessions of gains and a move to the proximity of 0.6700 the figure on Monday.
So far, money markets see around 25 bps of easing by July 2025, while rate hikes remain largely on the table for the remainder of the year. Supporting the latter, the RBA’s Monthly CPI Indicator rose more than expected by 3.6% in April, up from 3.5%. Given the Fed's commitment to monetary policy tightening and the likelihood of the RBA maintaining its restrictive stance for an extended period, further consolidation in AUD/USD is expected in the coming months.
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