The Australian Dollar (AUD) loses ground against the US Dollar (USD) on Monday, continuing its losing streak for the third successive session. The AUD/USD pair depreciates due to renewed tariff concerns as US President Donald Trump may send out 12 or 15 letters on tariffs later in the day, with expecting that trade deals or letters with most nations will be done by July 9.

ANZ Job Advertisements increased by 1.8% in June after a decline of 1.2% in May. The data presents the number of job advertisements in the major metropolitan newspapers and on the internet sites in Australia.

The Financial Times reported that China is increasingly rerouting its exports through Southeast Asia in an effort to dodge US tariffs imposed by the Trump administration. Data indicates that direct shipments from China to the US dropped by 43% in May, even as China's overall exports rose by 4.8%.

This shift was marked by a 15% surge in exports to Southeast Asia and a 12% increase to the European Union (EU). However, the US trade agreement with Vietnam now includes a 40% tariff on trans-shipped goods to curb such practices. Any change in Chinese economy could impact the AUD as China and Australia are close trading partners.

Traders will focus on the Reserve Bank of Australia's (RBA) monetary policy meeting on Tuesday. The latest Reuters poll indicated that 31 out of 37 economists expect the RBA to deliver a quarter basis point rate cut in July. The median forecast now sees the cash rate falling to 3.10% by the end of 2025, down from 3.35% in the May survey.

Source:Fxstreet