AUD/USD extended its losses from earlier in the week, flirting with two-week lows in the low-0.6700s on Wednesday.
AUD/USD retreated for the third consecutive session on Wednesday. Further weakness in the commodity complex weighed on AUD. The Westpac Leading Index came in flat in June. This third daily decline came despite further losses in the US Dollar , even as US yields traded in a mixed fashion and market speculation suggested that a rate cut by the Federal Reserve in September is nearly fully anticipated.
The RBA is in no rush to ease policy, expecting that it will take time for inflation to consistently fall within the 2-3% target range. There is about a 25% chance of a rate cut in August, increasing to around 50% in the following months. Potential Fed easing in the medium term, in contrast to the RBA’s likely prolonged restrictive stance, could support AUD/USD in the coming months.
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