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Reading: AUD/USD strengthens above 0.6630 as US Dollar weakens
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Gulf Press > Business > Forex > AUD/USD strengthens above 0.6630 as US Dollar weakens
Forex

AUD/USD strengthens above 0.6630 as US Dollar weakens

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Last updated: 2024/05/26 at 11:30 PM
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The AUD/USD pair started the week on a positive note, trading around 0.6632 on Monday. This uptick can be attributed to a weaker US Dollar. The recent release of US economic data showed better-than-expected results, with Durable Goods Orders rising by 0.7% in April and the UoM Consumer Sentiment Index coming in above consensus. These factors, combined with comments from the US Federal Reserve officials suggesting a less dovish stance, have dampened expectations of near-term rate cuts.

Looking ahead, the focus will be on key Australian data releases, including Retail Sales and the Consumer Price Index (CPI) this week. Inflation in Australia remains high, prompting the Reserve Bank of Australia (RBA) to consider raising interest rates at their latest meeting. This hawkish stance from the RBA could provide support for the Australian Dollar and thus the AUD/USD pair in the near term. Additionally, recent data releases from Australia showed steady figures, with the Judo Bank Manufacturing PMI remaining unchanged and the Services PMI slightly declining.

The recent strength in the Aussie can also be attributed to a softer US Dollar. The ongoing trade tensions between the US and China have weighed on the US Dollar, benefiting commodity-linked currencies like the Australian Dollar. The AUD/USD pair has been trading in a range in recent weeks, with investors closely monitoring economic data releases and central bank statements for further direction.

In the coming days, the Australian Dollar could see further support if key economic data releases continue to show strength. The Australian Retail Sales and CPI data will be closely watched by investors for any signs of inflationary pressures. Additionally, any further hawkish comments from the RBA could provide a boost to the Aussie. On the other hand, any escalation in trade tensions or a stronger US Dollar could put pressure on the AUD/USD pair.

Overall, the AUD/USD pair is currently trading higher, supported by a weaker US Dollar and strong economic data releases from Australia. The focus will be on upcoming Australian data releases and any further comments from the RBA for potential direction. Traders should continue to monitor developments in the US-China trade negotiations and global economic trends for any impact on the AUD/USD pair in the near term.

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News Room May 26, 2024
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