The AUD/USD pair holds gains above the psychological support of 0.6500 in Thursday’s early New York session.
AUD/USD clings to gains above 0.6500 as the US Dollar struggles to recover the Fed ’s policy-generated losses. The Fed remains hopeful for rate cuts despite progress in disinflation has stalled. Stubborn Australian inflation fuels prospects of RBA delaying rate cuts. The Aussie asset strengthens as the US Dollar struggles to recover losses inspired by the Fed eral Reserve’s less hawkish guidance on interest rates.
Meanwhile, the Australian dollar has registered decent gains as a slower-than-expected decline in price pressures in the first quarter of this year has fuelled expectations for the Reserve Bank of Australia to keep key borrowing rates on a restrictive trajectory for a longer period. On an annual basis, the Q1 Australia inflation rose by 3.6% against the consensus of 3.4%. Amid persistent inflation fears, the RBA is expected to deliver hawkish guidance on interest rates on May 7.
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