The AUD/USD pair snaps the two-day losing streak near 0.6615 amid the consolidation of the US Dollar (USD) in Monday’s early Asian session.
AUD/USD trades with mild gains around 0.6615 in Monday’s early Asian session. The UoM's Consumer Sentiment Index came in worse than the expectation, declining to 65.6 in May from 69.1. The RBA is anticipated to hold its key interest rate at a 12-year high on Tuesday. The AUD/USD pair snaps the two-day losing streak near 0.6615 amid the consolidation of the US Dollar in Monday’s early Asian session. Meanwhile, the US Dollar Index hovers around near 105.
On the Aussie front, the RBA will likely hold its key interest rate at 4.35% at its June meeting on Tuesday as inflation stays hot. The RBA’s Governor Michele Bullock emphasized that she needs to gain confidence that inflation is moving sustainably back to the 2%-3% target and the board isn’t ruling anything in or out. “We expect the RBA to comfortably maintain its somewhat hawkish hold stance, said Carl Ang, a Singapore-based fixed income analyst at MFS Investment.
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