AUD/USD Forex Signal: Bulls Seem to be Tiring

The $AUDUSD pair continued its consolidation phase as investors reflected on the latest Australian budget and the upcoming RBA meeting. It is trading at 0.7515, where it has been in the past few days

Australia budget

The budget had some expansionary provisions. For example, the government slashed the tax on fuel that it charges per liter by half. The goal is that this will reduce the overall cost of living considering that oil prices have surged recently. The implication of these measures on inflation will be mixed. While the fuel tax relief will help to lower the cost of living, stimulus checks could push prices of other items higher. This explains why the US is seeing a higher inflation than other countries.

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