The AUD/USD pair marches toward the round-level resistance of 0.6700 in Monday’s European session.
AUD/USD inches toward 0.6700 as the US Dollar is under pressure. Soft US inflation in May has prompted Fed rate-cut hopes. The RBA could tighten its monetary policy further as price pressures accelerated in May. The Aussie asset gains as the US Dollar faces sharp selling pressure amid firm speculation that the Fed eral Reserve will start lowering interest rates from the September meeting. The expectations for Fed rate cuts have been prompted by an expected slowdown in price pressures.
The RBA minutes will provide more cues about whether the central bank will hike interest rates further. The recent surge in price pressures in Australia has strengthened the likelihood of further policy tightening by the RBA. The annual Monthly Consumer Price Index rose at a faster pace of 4.0% in May than estimates of 3.85 and the prior release of 3.6%.
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