AUD/USD managed to regain the smile and climbed to multi-day highs well north of 0.6500 the figure on Wednesday, also putting further distance from Monday’s YTD lows near 0.6350 and turning positive on the weekly chart.
AUD/USD clinched multi-day peaks near 0.6580 despite Dollar gains. The Chinese trade surplus narrowed more than expected in July. Commodity prices remained on the defensive on Wednesday. The AUD’s primary focus remains on the critical 200-day SMA, today at 0.6593. The pair needs to clear this region in a convincing fashion to restore its constructive outlook.
” Bullock also stated that expectations for rate cuts are “a little ahead of themselves.” Overall, the RBA is expected to be the last among the G10 central banks to start cutting interest rates. Potential easing by the Federal Reserve in the medium term, contrasted with the RBA's likely prolonged restrictive stance, could support AUD/USD in the coming months. However, sluggish momentum in the Chinese economy might hinder a sustained recovery of the Australian dollar.
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