AUD/USD resumed its downtrend and rapidly set aside Monday’s bullish attempt, maintaining its range bound theme in the sub-0.6700 region well in place for yet another session on Tuesday.
AUD/USD kept its consolidation well in place on Tuesday. Gains in the Greenback kept AUD under downside pressure. The RBA ’s Monthly CPI Indicator comes next on Wednesday. Daily losses in the pair came in response to the rebound in the US Dollar as well as US yields across the curve, which maintained the price action around the risk-related universe subdued.
Furthermore, the swaps market currently estimates less than a 25% chance of a rate cut by December 2024, increasing to approximately 65% by February 2025. The contrast between potential Fed easing and the RBA's likely prolonged restrictive stance could support AUD/USD in the next few months. Meanwhile, unabated concerns about the slow momentum in the Chinese economy could hinder a sustained recovery in the Australian currency as China continues to face post-pandemic challenges.
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