The Australian Dollar (AUD) continues to gain ground against the US Dollar (USD) on Monday, marking fresh six-month highs. The AUD/USD pair receives support as the US Dollar remains under downward pressure amid rising uncertainty surrounding the United States (US) economy.
The AUD's upside could be restrained due to dovish sentiment surrounding the Reserve Bank of Australia's (RBA) policy outlook. Following the previous week's 25 basis points interest rate cut by the RBA, Governor Michele Bullock mentioned that the central bank is prepared to take additional action if the economic outlook deteriorates sharply, raising the prospect of future rate cuts.
The Aussie Dollar gained support from renewed optimism surrounding a 90-day US-China trade truce and hopes for further trade deals with other countries. However, the Reserve Bank of Australia will closely monitor further developments on US-China trade negotiations, as China is a major trading partner of Australia.
Traders will keep an eye on Australia-China relations as China's ambassador has criticised Australia's plan to renege Darwin Port lease. The port was leased to the Chinese company Landbridge in 2015 for 99 years. The Chinese embassy called this decision an unfair and unethical move, per Reuters.
Source: Fxstreet
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