The Australian dollar fell to around $0.658 on Friday, extending losses from the previous session as investors remained cautious ahead of key inflation data due next week. Both monthly and quarterly inflation figures are set to be released, which could play a key role in shaping the Reserve Bank of Australia's monetary policy outlook.
RBA Governor Michele Bullock recently emphasized that the central bank is reluctant to cut interest rates until there is stronger evidence that inflation is sustainably returning to its 2.5% target, as she defended the RBA's slow and steady approach.
Meanwhile, investors are closely watching developments in US–Australia trade relations. In the latest development, Australia has agreed to ease restrictions on US beef imports—a decision that follows tensions over previous trade limitations. Despite two sessions of losses, the currency is still on track for significant gains.
Source: Trading Economics
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