The Australian dollar edged higher to around $0.653 on Monday, supported by continued weakness in the greenback amid a dovish Federal Reserve and growing fiscal concerns. Investors are closely watching upcoming US jobs data, which could shape expectations for a rate cut in July.
Adding to pressure on the greenback is the investor anxiety over a sweeping tax and spending bill currently under consideration in the Senate, which could add $3.3 trillion to the national debt. Domestically, the Melbourne Institute's Monthly Inflation Gauge showed a modest uptick in June, reversing the previous month's decline and marking the fourth increase this year.
However, private sector credit growth slowed, falling short of market expectations. The deceleration was largely driven by weaker business lending activity. Investors now await Australia's June manufacturing PMI for insights into the health of the sector and the country's overall economic momentum.
Source: Trading Economics
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