Ella 
The Australian dollar (AUD) fell for the third consecutive day on Monday, amid a generally stronger U.S. dollar (USD). The dollar remains well supported by expectations that U.S. interest rates will remain higher for longer, with the median forecast of Federal Reserve (Fed) officials calling for one rate cut this year.
In addition, the latest mixed Chinese economic data, as well as some challenges in the operation of the Chinese economy, may put some selling pressure on the AUD, as China accounts for one-third of Australia’s exports. Investors will be closely watching the Reserve Bank of Australia (RBA) interest rate decision on Tuesday, as well as a press conference by Governor Michele Bullock. A hawkish stance from the RBA could boost the AUD and limit the downside against the USD in the short term. The U.S. will release May retail sales data, which is expected to rise to 0.3% from 0% in April.
