The AUD/USD pair remains on the defensive near 0.6420 during the early Asian session on Monday.
AUD/USD holds below 0.6450 in Monday’s early Asian session. The hawkish comments from Fed officials in recent weeks have lifted the Greenback. The moderate Australian inflation data and the continuously tight labour market could prompt RBA rate cuts this year. The Federal Reserve media blackout went into effect at midnight Friday. Nonetheless, the US central bank has delivered hawkish messages in recent weeks and markets expect the first cut in September.
The final reading of the US March Personal Consumption Expenditures Price Index will be due on Friday. Headline PCE inflation is estimated to rise to 2.6% YoY, while the core is expected to fall a tick to 2.7% YoY. On the Aussie front, inflation is still above the Reserve Bank of Australia’s target but continues to moderate in line with the RBA’s latest forecasts.
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