Another firm session saw AUD/USD extend its advance further north of the 0.6700 barrier on Wednesday, adding to Tuesday’s gains and trading closer to recent monthly highs in the 0.6760-0.6765 band (July 8).
AUD/USD maintained its bullish stance well in place above 0.6700. The US Dollar traded on the defensive ahead of US CPI. Australia n Consumer Inflation Expectations come on Thursday. Another firm session saw AUD/USD extend its advance further north of the 0.6700 barrier on Wednesday, adding to Tuesday’s gains and trading closer to recent monthly highs in the 0.6760-0.6765 band .
There is approximately a 25% probability of a rate reduction in August, rising to around 50% in the subsequent months. Moreover, the potential easing by the Fed, contrasted with the RBA's likely prolonged restrictive stance, could support AUD/USD in the coming months. However, concerns about sluggish momentum in the Chinese economy might impede a sustained recovery of the Australian currency as China continues to face post-pandemic challenges.
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