The Australian dollar (AUD) extended its gains for the second straight session on Tuesday (3/25). However, the AUD/USD pair faces downward pressure amid a stronger US dollar (USD). Strong S&P Services PMI data and cautious comments from the Fed likely fueled the greenback's gains.
The AUD is supported as investors anticipate the Reserve Bank of Australia (RBA) to leave rates unchanged in April, following its first rate cut in four years in February. Additionally, expectations of Chinese stimulus continue to bolster the Australian economy, given the strong trade ties between the two countries.
However, the risk-sensitive AUD/USD pair could face potential headwinds as traders remain cautious amid uncertainty over US President Donald Trump's scheduled tariff announcement on April 2. While Trump has hinted that "many" countries could receive exemptions, details of his administration's tariff plan remain unclear. (Newsmaker23)
Source: FXstreet
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