The Australian Dollar (AUD) was supported as copper futures surged to a new record high on the Comex exchange on Tuesday (3/26), benefiting from Australia's position as one of the leading copper exporters. Bloomberg reported that Trump could speed up the timetable for imposing tariffs on US copper imports. While the Commerce Department originally had 270 days from February 2025 to investigate and report on potential tariffs, recent developments suggest that the tariffs could be implemented within weeks, much sooner than the original deadline.
The AUD weakened against the US Dollar (USD) after the release of the Consumer Price Index (CPI) on Wednesday, which rose 2.4% year-on-year in February, slightly below the 2.5% increase in January and market expectations of 2.5%.
Australian Treasurer Jim Chalmers delivered the 2025/26 budget on Tuesday, outlining key economic forecasts and tax cuts totaling about A$17.1 billion over two rounds. The budget deficit is projected at A$27.6 billion in 2024-25 and A$42.1 billion in 2025-26. GDP growth is forecast to reach 2.25% in fiscal 2026 and 2.5% in 2027. The tax cuts appear aimed at strengthening political support.
The AUD is supported as investors anticipate the Reserve Bank of Australia (RBA) will keep interest rates unchanged next week, following its first rate cut of 25 basis points in four years in February. RBA Assistant Governor (Economics) Sarah Hunter reiterated the central bank's cautious stance on further cuts, with the February policy statement signaling a more conservative approach than market expectations, particularly regarding US policy decisions and their impact on Australia's inflation outlook.
In addition, expectations of Chinese stimulus could boost the Australian economy, given the strong trade ties between the two countries. The Chinese Communist Party and the State Council have proposed measures to "massively boost consumption" by raising wages and easing financial burdens—an effort to restore consumer confidence and revitalize the struggling economy. (Newsmaker23)
Source: FXstreet
The Australian Dollar (AUD) loses ground on Wednesday for the second consecutive day. The AUD/USD pair struggles as the US Dollar (USD) extends its gains despite the United States (US) Nonfarm Payroll...
The Australian Dollar (AUD) is under pressure against the US Dollar (USD) on Thursday, with AUD/USD down almost 0.50%, trading near 0.6510 at the time of writing. The pullback reflects broad Greenback...
The Australian dollar was little changed to around $0.654 on Thursday, holding its recent gains, supported by stronger-than-expected trade balance figures. Australia's goods trade surplus widened to A...
The Australian dollar was little changed to around $0.652 on Wednesday, after a 0.5% drop in the previous session, as strength in the US dollar offset upbeat domestic GDP data. The greenback held firm...
The Australian dollar weakened to around $0.654 on Tuesday, snapping a five-session winning streak, as investors paused amid a mix of domestic economic signals. Notably, Australia's current account de...
Gold held steady just below its record, around $3,645/oz, after an unexpected decline in US producer prices (PPI) fueled hopes of Fed policy easing. The market now awaits the release of US CPI data Thursday evening (WIB) for confirmation of the...
Japanese stocks were mixed following a Wall Street rally driven by the chip/tech sector. An unexpected decline in the US PPI fueled hopes of a Fed rate cut. Investors in Tokyo remained cautious ahead of the US CPI release.At 9:27 a.m. Tokyo time,...
Asian stocks moved mixed on Thursday after Wall Street rallied and pushed the S&P 500 to a new record. A decline in US producer price inflation (PPI) bolstered confidence that the Fed could cut interest rates again next week. Early in the...
The United States (US) Bureau of Labor Statistics (BLS) will publish the 2025 preliminary benchmark revision to the Establishment Survey Data on...
Russian forces attacked a thermal power plant in the Kyiv region as part of an overnight attack, Ukraine's Energy Ministry said on Monday,...
The US Bureau of Labor Statistics reported on Tuesday that the preliminary estimate of the Current Employment Statistics (CES) national benchmark...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...