Another robust session saw AUD/USD continue its upward movement, this time coming in just pips away of the 0.6800 milestone on Thursday, extending its positive streak for the third day.
AUD/USD rose to the boundaries of the 0.6800 barrier. The Greenback collapsed post-US CPI data. Australia n Consumer Inflation Expectations dropped in July. The pair's consecutive increase was propelled by extra weakness in the US Dollar , especially after US inflation readings came in below expectations in June, which, at the same time, added to speculation of a potential interest rate cut by the Fed as soon as September.
There is approximately a 25% chance of a rate cut in August, increasing to around 50% in the following months. Additionally, potential easing by the Fed, contrasted with the RBA’s likely prolonged restrictive stance, could support AUD/USD in the upcoming months. However, concerns about slow momentum in the Chinese economy might hinder a sustained recovery of the Australian currency as China continues to face post-pandemic challenges.
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