The AUD/USD pair extends the rally near 0.6655 during the early Asian session on Monday.
AUD/USD trades in positive territory for the third consecutive day around 0.6655 on Monday. The US PCE index rose 0.3% MoM in April, matching the expectation. The Australian monthly CPI inflation triggered the speculation that the RBA might need to hike again to curb the inflationary pressure. The uptick of the pair is bolstered by the weaker US Dollar after the US Personal Consumption ExpenditurePrice Index report showed that inflation cooled faster than expected in April.
Traders were not pricing in rate cuts for the Fed’s June or July meeting, seeing a 50% odds of Fed rate cuts in September, according to the CME FedWatch tool. Fed officials emphasized that they would wait for more evidence that inflation is easing before moving to cut rates and that patience would be needed. Nonetheless, the higher-for-longer US rate narrative might support the Greenback and cap the upside for the pair in the near term.
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