The Australian dollar edged higher to around $0.654 on Tuesday, following a notable decline in the previous session, largely driven by renewed optimism over US President Donald Trump's willingness to further engage in trade discussions.
Despite maintaining a firm stance on the upcoming 30% tariffs set to take effect on August 1, Trump indicated a readiness to resume negotiations with the European Union and other major trading partners, hinting at a potential diplomatic opening and easing investor fears of a deepening trade conflict.
Domestically, sentiment was further buoyed by positive economic data, with the Westpac-Melbourne Institute Consumer Sentiment Index rising by 0.6% month-on-month to 93.1 in July 2025. This marked a third straight monthly gain, signaling a modest but encouraging improvement in consumer outlook.
Investors are now turning their attention to key domestic data releases later this week, including consumer inflation expectations and the latest employment figures.
Source: Trading Economics
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