The AUD/USD pair remains under selling pressure during the early Asian session on Monday.
AUD/USD remains on the defensive above the mid-0.6300s in early Monday. The US University of Michigan Consumer Sentiment dropped, but inflation expectations rose in November. The RBA Monetary Policy Statement said the nation’s inflation has passed its peak, but it is considerably higher than expected. The concern over economic growth in China weighs on the Australian Dollar and the higher US Treasury bond yields lift the US Dollar higher. The pair currently trades near 0.6355, losing 0.
On the Aussie front, the Reserve Bank of Australia released its Monetary Policy Statement on Friday, indicating the nation’s inflation has passed its peak, but it remains considerably high and is proving to be more persistent than expected a few months ago. The RBA will bring inflation back to target, but the upcoming data will determine whether additional monetary policy tightening is required.
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