The AUD/USD pair falls to near 0.6635 in Monday’s European session.
AUD/USD slips below 0.6650 amid US Dollar’s recovery. The US Dollar rebounds even though the Fed ’s rate-cut prospects for September edge higher. Market speculation for the RBA tightening policy further has strengthened.
In today’s session, investors will focus on the US ISM Manufacturing PMI for May, which will be published at 14:00 GMT. The factory data is estimated to have improved to 49.8 from the former reading of 49.2. However, a figure below the 50.0 threshold is considered as contraction. Meanwhile, the near-term outlook of the Australian Dollar remains strong as investors hope that the Reserve Bank of Australia could announce one more interest rate-hike due to stubbornly higher inflation data.
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