The persevering rise in the US Dollar (USD) this time weighed on the Australian dollar, forcing AUD/USD to give away part of Monday’s optimism and put the 0.6600 zone to the test once again on turnaround Tuesday.
AUD/USD comes under renewed downside pressure. The US Dollar maintains its constructive outlook. US and Chinese inflation data and the FOMC event come next. The persevering rise in the US Dollar this time weighed on the Australia n dollar, forcing AUD/USD to give away part of Monday’s optimism and put the 0.6600 zone to the test once again on turnaround Tuesday.
Currently, money markets are predicting about 25 bps of easing by July 2025, with potential rate hikes still possible in August and September. Supporting this outlook, the RBA's Monthly CPI Indicator increased more than expected in April, rising to 3.6% from 3.5%. Given the Federal Reserve's commitment to tightening and the likelihood that the RBA will maintain its restrictive stance for an extended period, AUD/USD is expected to further consolidate in the coming months.
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