The renewed, albeit slight, selling pressure around the US Dollar (USD) encouraged AUD/USD to set aside the last couple of negative sessions and reclaim the area beyond the key 0.6600 barrier on Wednesday.
AUD/USD reverses part of the weekly downside. The weak tone in the Greenback favoured the pair’s upside. China is expected to end its tariffs on Australian wine. The renewed, albeit slight, selling pressure around the US Dollar encouraged AUD/USD to set aside the last couple of negative sessions and reclaim the area beyond the key 0.6600 barrier on Wednesday.
Additionally, the cautious stance of the Reserve Bank of Australia , which remains one of the last G10 central banks to start trimming its interest rates, serves as a limiting factor for the pair's downside potential. Furthermore, the RBA does not exhibit urgency in lowering rates, yet subdued consumer spending aligns with market expectations of approximately 50 bps in rate cuts this year, likely beginning in August.
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