The Australian Dollar (AUD) is extending loses for the second successive session on Monday. The AUD/USD pair is under pressure as the US Dollar (USD) strengthens amid signs of easing tensions between the US and China.
China exempted certain US imports from its 125% tariffs on Friday, according to business sources. The move has fueled hopes that the prolonged trade war between the world's two largest economies might be drawing to a close.
However, Reuters cited a Chinese embassy spokesperson on Friday, who firmly denied any current negotiations with the US, stating, "China and the US are not having any consultation or negotiation on tariffs." The spokesperson urged Washington to "stop creating confusion."
The AUD also faces headwinds as expectations are mounting that the Reserve Bank of Australia (RBA) will deliver another 25-basis-point rate cut in May, as economic uncertainties deepen and concerns over the global trade environment intensify.
Source: Fxstreet
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