The Australian Dollar (AUD) edges higher against the US Dollar on Monday, recovering its losses from the previous session. The AUD/USD pair remains stronger following the release of China's key economic data.
The National Bureau of Statistics of China reported that the Consumer Price Index (CPI) dropped at an annual pace of 0.1% in May, following April's 0.1% decline.
However, the market consensus was for a 0.2% decrease in the reported period. Meanwhile, China's CPI inflation declined by 0.2% MoM, against April's 0.1% increase. China's Producer Price Index (PPI) continues to weaken with an annual decline of 3.3% in May, following a 2.7% decline in April.
Traders would likely assess renewed US-China trade negotiations as President Donald Trump and China's Xi Jinping agreed on Thursday that both sides' officials would soon resume trade negotiations aimed at ending the trade war. US Treasury Secretary Scott Bessent and two other Trump administration officials are set to meet with Chinese officials on Monday.
Reserve Bank of Australia (RBA) Assistant Governor Sarah Hunter cautioned that "higher US tariffs will put a drag on the global economy," and warned that higher uncertainty could dampen investment, output, and employment in Australia.
Source: FXStreet
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