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02.06.2023 01:30 PM
AUD/USD gains positive momentum

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The AUD/USD pair is gaining positive momentum.

The Reserve Bank of Australia has stressed that higher prices could trigger further rate hikes. Subsequently, stronger data on domestic consumer inflation was published. Accordingly, expectations that the RBA may tighten its monetary policy act as a tailwind for the Australian dollar, coupled with the moderate weakness of the U.S. dollar.

Regarding the U.S. dollar, it is worth noting that some members of the FOMC demonstrated readiness this week to pause interest rate hikes in June. This, in turn, led to a sharp intraday decline in U.S. Treasury yields, exerting some downward pressure on the U.S. dollar.

Meanwhile, the better-than-expected U.S. ADP report also did not impress U.S. dollar bulls.

However, market participants' sentiment remains fragile amid growing concerns about a global economic downturn, particularly in China. Official PMI data published earlier this week indicate a sustained downturn in the world's second-largest economy. Consequently, this could benefit the safe-haven dollar and act as a headwind for the risk-sensitive Australian dollar.

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Such a fundamental backdrop requires caution for bullish traders and positioning for further upward movement.

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