The Australian Dollar (AUD) gains ground against the US Dollar (USD)
on Thursday, extending its gains for the second successive day.
The AUD/USD pair maintains its position following the release of the preliminary S&P Global Purchasing Managers Index (PMI) data.
Australia's Manufacturing Purchasing Managers Index came in at 51.7 in May versus 51.7 prior. Meanwhile, Services PMI declines to 50.5 in May from the previous reading of 51.0, while the Composite PMI eases to 50.6 in May versus 51.0 prior.
The Reserve Bank of Australia (RBA) reduced its Official Cash Rate (OCR) by 25 basis points on Tuesday. Moreover, RBA Governor Michele Bullock supported the central bank's rate cut decision.
Bullock noted that curbing inflation is important and expressed that a rate cut was a proactive, confidence-boosting move that was suitable given the state of the economy. She also mentioned that the Board is prepared to take additional action if necessary, raising the prospect of future changes.
Source: Fxstreet
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