AUD/USD Extends Losses As Chinese Economic Data Mixed

The Australian dollar (AUD) fell for the third consecutive day on Monday against the backdrop of a stronger U.S. dollar (USD). The AUD was well supported by expectations that U.S. interest rates will remain higher for longer, with the median forecast of Federal Reserve (FED) officials indicating that the Fed will cut interest rates once this year.

In addition, the latest Chinese economic data was mixed, and China’s economic operation faces some challenges, which may put some selling pressure on the AUD as one-third of Australia’s exports are to China. Investors will pay close attention to the Reserve Bank of Australia’s interest rate decision on Tuesday and the press conference of RBA Governor Bullock. A hawkish stance by the RBA may boost the AUD and limit the downside of AUD/USD in the short term. In the U.S., retail sales for May will be released, and are expected to increase to 0.3% from 0% in April.

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