The AUD/USD pair trades in negative territory for the third consecutive day around 0.6640 during the early Asian session on Monday.
AUD/USD trades on a softer note near 0.6640 on the firmer US Dollar on Monday. The flash US Composite PMI rose to a 26-month high in June amid rebound in employment, lifting the Greenback. The advanced Australia's Judo Bank PMI was softer than expected in June, weighing on the Aussie. The downtick of the pair is backed by the stronger US Dollar after the optimistic US S&PPurchasing Managers Index data for June.
Investors are now currently pricing in nearly 64% odds of a Fed rate cut in September, according to CME FedWatch Tool. On the Aussie front, the softer preliminary Australian PMIs from Judo Bank for June indicated fragility in the Australian economy and exerted some selling pressure on the Australian Dollar . However, the hawkish stance from the Reserve Bank of Australia is likely to underpin the Aussie and cap the downside for AUD/USD in the near term.
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