Australian Dollar down on USD recovery, RBA’s hawkish stance and upbeat PMIs buffer the downside

On Thursday, the AUD/USD is seeing a moderate decline, retracing some of the gains after the approximately 2% rally from the last sessions.

AUD/USD experienced a drop, adjusting to 0.6950, because of a USD recovery. Strong Australian PMIs might limit the pair's downside. The persistent hawkish views of the RBA keep backing the Aussie versus its peers. The narrative of monetary policy divergence between the Federal Reserve , contemplating a less assertive approach toward interest rates, and the steadfast position of the Reserve Bank of Australia preserves the push on the pair, putting the Aussie ahead of the Greenback.

Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets or seeking safe-havens – is also a factor, with risk-on positive for AUD.

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