Investors remain cautious ahead of the key RBA decision.
In addition to a 0.25% rate cut, comments/statement from the central bank will also grab market attention.
With all eyes on the upcoming retail sales and RBA’s rate decision, the AUD/USD clings to 0.6975 during the early Asian session on Tuesday.
Unearthed speculations of the Federal Reserve’s rate cut, mainly due to recently downbeat data and comments from the US monetary policymakers, contributed towards across the board weakness of the US Dollar (USD) on Monday.
In addition to the greenback weakness, the Aussie pair also benefited from better than forecast Caixin manufacturing PMI data from China, its largest customer.
While April month retail sales and current account from Australia data could offer intermediate momentum to markets, investors are more interested in the details of the Reserve Bank of Australia’s (RBA) monetary policy meeting due to the expectations of first rate cut since July 2016.
In addition to a 0.25% rate cut, comments/statement from the central bank will also grab market attention.
With all eyes on the upcoming retail sales and RBA’s rate decision, the AUD/USD clings to 0.6975 during the early Asian session on Tuesday.
Unearthed speculations of the Federal Reserve’s rate cut, mainly due to recently downbeat data and comments from the US monetary policymakers, contributed towards across the board weakness of the US Dollar (USD) on Monday.
In addition to the greenback weakness, the Aussie pair also benefited from better than forecast Caixin manufacturing PMI data from China, its largest customer.
While April month retail sales and current account from Australia data could offer intermediate momentum to markets, investors are more interested in the details of the Reserve Bank of Australia’s (RBA) monetary policy meeting due to the expectations of first rate cut since July 2016.