The Australian Dollar (AUD) posts gains against the US Dollar (USD) on Friday after registering losses in the previous session. The AUD/USD pair jumps as the Greenback comes under pressure, driven by lower US Treasury yields, which continue to depreciate after the 30-year US bond yield topped in 19 months.
US President Donald Trump's "One Big Beautiful Bill" passed the US House of Representatives and is on its way to the Senate floor, which has raised concerns regarding the increase in the fiscal deficit in the United States (US).
However, the AUD/USD pair depreciated on Thursday as the US Dollar received support immediately after the release of stronger US S&P Global Purchasing Managers' Index (PMI) data.
S&P Global Composite PMI posted a 52.1 reading for May, rising from April's 50.6 reading. Meanwhile, the Manufacturing PMI rose to 52.3 from 50.2 prior, while the Services PMI rose to 52.3 from 50.8.
Earlier this week, the Reserve Bank of Australia (RBA) delivered a 25 basis points rate cut, reducing its Official Cash Rate (OCR) to 3.85% from 4.10%. RBA Governor Michele Bullock maintained a dovish tone by supporting the central bank's rate cut decision.
Bullock mentioned that the Board is prepared to take additional action if necessary, raising the prospect of future changes. She also noted that curbing inflation is important and expressed that a rate cut was a proactive step and boosted market sentiment, which was suitable given the state of the economy.
Source: fxstreet
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