AUD/USD halted its recovery after two straight advances in a row, driven by improved sentiment in the US Dollar (USD) and a broad-based risk-off sentiment dominating the FX world.
AUD/USD reversed part of the recent weekly recovery. The renewed upside impulse in the Dollar hurt the AUD. Next of note in Australia will be the flash PMIs on Friday. AUD/USD halted its recovery after two straight advances in a row, driven by improved sentiment in the US Dollar and a broad-based risk-off sentiment dominating the FX world. On the back of the latter, the USD Index climbed to three-day highs north of 105.
The central bank emphasized that inflation remains persistently above target and reiterated its commitment to take necessary actions to bring inflation back within the target range. Looking ahead, money markets anticipate around 28 bps of easing by July 2025, with potential rate hikes in August, September, and November not entirely dismissed. The divergence between potential Fed easing and the RBA's likely prolonged restrictive stance could support AUD/USD for the time being.
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