The Australian dollar came under renewed selling pressure amidst the solid performance in the Greenback on Thursday.
AUD/USD resumed the decline and retreats below 0.6500. The recovery in the greenback put the AUD under pressure. Inflation Rate in China surprised to the downside. Indeed, the greenback set aside two daily declines in a row and reclaimed the area north of 104.00 the figure when gauged by the USD Index . This rebound occurred amid steady investor speculation about a potential interest rate cut by the Federal Reserve in either May or June.
Additionally, the RBA revised down its GDP growth projections, reflecting a less optimistic outlook for consumer spending and housing investments in the near term. Governor Bullock's departure from the expected move towards a dovish stance further tempered the pair's upward potential. She emphasized the incomplete nature of addressing inflation and highlighted the current inflation rate as unacceptably high.
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