The Australian Dollar (AUD) racked up more losses on Tuesday against the USD, which managed to gain some ground due to cautious remarks by Jerome Powell.
AUD extended its decline on Tuesday against the USD. RBA’s hawkish position on policy provides noticeable support to the Aussie. Markets are digesting Jerome Powell’s cautious words, which gave the USD some traction. Focus this week will be the reveal of US inflation figures on Thursday. The Australian Dollar racked up more losses on Tuesday against the USD, which managed to gain some ground due to cautious remarks by Jerome Powell.
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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