The ongoing selling pressure on the US Dollar (USD) supported extra gains in AUD/USD, pushing it to four-day highs near 0.6680 on Tuesday.
AUD/USD advances for the third session in a row on Tuesday. Further losses in the US Dollar givefresh additional wings to the pair. Australia n preliminary Retail Sales surprised to the downside in April. The ongoing selling pressure on the US Dollar supported extra gains in AUD/USD, pushing it to four-day highs near 0.6680 on Tuesday.
The RBA's economic forecasts indicate that inflation will remain high until Q2 2025, driven by service price inflation, before returning to the 2%–3% target range by late 2025 and reaching the midpoint by 2026. Investors currently expect the RBA to keep its Official Cash Rate unchanged at its June 18 meeting, with no rate cuts anticipated this year.
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