Aussie Dollar Gains Traction Ahead of Retail Sales Data

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The AUD/USD currency pair is trading higher at 0.6650, buoyed by a weaker US Dollar and positive sentiment towards the Australian economy. US Dollar Under

The AUD/USD currency pair is trading higher at 0.6650, buoyed by a weaker US Dollar and positive sentiment towards the Australian economy.

US Dollar Under Pressure:

  • Limited Market Activity: Thin trading volumes due to the US holiday are contributing to a softer US Dollar.
  • Reduced Fed Rate Cut Expectations: Market expectations of a Fed rate cut this year have decreased, putting downward pressure on the Greenback.

Australian Dollar Strength:

  • Anticipation of Retail Sales Growth: The Australian Dollar is finding support ahead of the release of Australian Retail Sales data tomorrow, with estimates suggesting a 0.2% increase.
  • Tamer Inflation Expected: Inflation data for April is also anticipated to show a slight decline to 3.4%, potentially boosting the AUD.

The AUD/USD is currently benefiting from a combination of factors: a weaker US Dollar and positive economic data expectations from Australia. The upcoming Retail Sales and CPI data releases will be crucial in confirming these expectations and determining the AUD’s future direction.

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