The renewed selling pressure on the US Dollar (USD) gave a boost to risk-sensitive assets, helping the Australian Dollar gain traction and motivating AUD/USD to reclaim the 0.6700 barrier and above on Monday.
AUD/USD resumed its uptrend further north of the 0.6700 hurdle. The Dollar maintained its negative performance ahead of the Fed event. The Federal Reserve could surprise and cut rates by 50 bps. The renewed selling pressure on the US Dollar gave a boost to risk-sensitive assets, helping the Australia n Dollar gain traction and motivating AUD/USD to reclaim the 0.6700 barrier and above on Monday.
Overall, the RBA is anticipated to be the last among G10 central banks to begin cutting rates. With the Federal Reserve likely to implement rate cuts that are almost fully priced in, and the RBA expected to maintain a restrictive policy for an extended period, AUD/USD might see further gains later this year. Still, a major headwind for extra gains in the Australian Dollar could be limited by the slow recovery of the Chinese economy.
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