AUD/USD extends its upside to 0.6620 after US PPI report, US Inflation in focus

The AUD/USD pair rises further to 0.6620 in Tuesday’s New York session.

AUD/USD moves higher to 0.6620 amid cheerful market mood and a decline in the US Dollar. Stubborn US PPI data fails to boost the US Dollar’s appeal. Economists expect that Australia’sWage Price Index grew steadily in Q1 of this year. The AUD/USD pair rises further to 0.6620 inTuesday’s New York session. The Aussie asset strengthens as the US Dollar comes under pressure even though the United States Producer Price Index report for April has turned out slightly hot.

Meanwhile, the market sentiment is positive as investors shrugged off uncertainty of the US Consumer Price Index data for April, releasing on Wednesday. The S&P 500 opens on a slightly bullish note. The US inflation data has remained hotter-than-expected in the first quarter of this year. A similar set of numbers would dent Fed rate-cut prospects for the entire year. On the Australian Dollar front, investors await the Q1 Wage Price Index data, which will be published on Wednesday.

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