AUD/USD resumed its upward trajectory, adding to gains recorded at the beginning of the week and surpassing the 0.6600 mark to print fresh three-week highs near 0.6620, a region coincident with the 100-week SMA.
AUD/USD added to Monday’s gains and surpassed the 0.6600 barrier. Further weakness in the US Dollar contributed to the upside in AUD. The Australia n Wage Price Index rose by 0.8% QoQ in Q2. Having surpassed the critical 200-day SMA , the outlook for AUD/USD should gradually shift to a more constructive one, allowing for the continuation of the uptrend at least in the short-term horizon.
9% last quarter, is expected to decrease to the target range of 2% to 3% by late 2025. Overall, the RBA is likely to be the last among the G10 central banks to begin cutting interest rates. Potential easing by the Federal Reserve in the medium term, contrasted with the RBA's expected prolonged restrictive stance, could support the AUD/USD in the coming months. However, the sluggish momentum in the Chinese economy could impede a sustained recovery of the Australian dollar.
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