The Australian Dollar (AUD) remains under pressure against the US Dollar (USD) for the fourth consecutive session on Tuesday.
Despite a stronger Westpac Consumer Confidence reading—rising 4% to 95.9 in March from 92.2 in February, marking its highest level in three years—the AUD/USD pair continues to struggle.
The uptick in sentiment was driven by the Reserve Bank of Australia's (RBA) interest rate cut in February and easing cost-of-living pressures.
Australia's 10-year government bond yield declined to around 4.39% as escalating global trade tensions dampened investor risk appetite. China's retaliatory tariffs on select United States (US) agricultural products took effect on Monday, following Washington's recent tariff hike from 10% to 20% on Chinese imports.
Given China's status as Australia's largest trading partner, these developments have weighed on market sentiment.
Traders remain focused on the RBA's policy outlook, especially after last week's strong economic data tempered expectations of further rate cuts.
Economic growth exceeded forecasts, marking its first acceleration in over a year. Additionally, the latest RBA Meeting Minutes signaled a cautious approach to monetary policy, clarifying that February's rate cut does not imply a commitment to ongoing easing.
Source: FXStreet
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