AUD Fluctuates & Stabilizes, Even If Australian Consumer Confidence Index Remains Sluggish

The Australian dollar continued its gains from the previous session despite a sluggish Westpac Consumer Confidence Index released on Tuesday. AUD/USD was supported by a fall in the U.S. dollar, which could be attributed to improving market risk appetite.

The Australian dollar strengthened on the back of higher domestic equities. The ASX 200 is poised for gains as investors remain focused on the Reserve Bank of Australia interest rate decision. Investors are increasingly skeptical that the Reserve Bank of Australia will need to cut interest rates in 2024, especially after positive U.S. data reinforced expectations that the Federal Reserve (Fed) may extend its high interest rate stance.

The U.S. dollar index encountered resistance as the Federal Reserve carefully assessed new data, triggering market volatility. Traders are eagerly awaiting U.S. consumer price index data due to be released on Wednesday. In addition, Australian consumer inflation expectations and Chinese consumer price data will also be released on Thursday.

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