The slight downward pressure on the US Dollar (USD) seems to have been enough to spark a marked rebound in the Aussie dollar, lifting AUD/USD back to the 0.6600 barrier at the beginning of a new trading week.
AUD/USD revisited the 0.6600 region on Monday. Further upward bias looks likely for the time being. Australia ’s Consumer Confidence is due on Tuesday. The slight downward pressure on the US Dollar seems to have been enough to spark a marked rebound in the Aussie dollar, lifting AUD/USD back to the 0.6600 barrier at the beginning of a new trading week. At the same time, the ongoing surge in copper prices, reaching levels not seen since April 2022 around $815.
It is worth noting that the RBA is among the last G10 central banks expected to consider interest rate adjustments this year. Due to the divergence in monetary policy timelines between the RBA and the Fed, the Australian dollar could gain momentum later in the year, potentially leading to further appreciation in AUD/USD. If the pair surpasses the December 2023 peak of 0.6871, it may target the significant level of 0.7000 in the near future.
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