The Australian Dollar (AUD) strengthened against the US Dollar (USD) on Monday (August 4), extending its gains for the second consecutive trading day. The AUD/USD pair strengthened following the release of Australian inflation gauge data.
The TD-MI Inflation Gauge rose 0.9% month-on-month in July, following a modest 0.1% increase in June and marking the sharpest increase since December 2023. Meanwhile, the annual inflation gauge remained consistent at 2.4%. This monthly increase adds to the Reserve Bank of Australia's (RBA) concerns amid ongoing uncertainty in supply chains and consumer demand.
The AUD also received support as Australia avoided the latest US tariff hike, indicating that President Donald Trump would not change the 10% base tariff on Australian goods. Furthermore, a weaker US employment report triggered a market reaction, pricing in two interest rate cuts by the Federal Reserve (Fed).
The US and China failed to reach an agreement to extend the 90-day tariff pause during their latest round of talks in Stockholm, Sweden. The current tariff pause is set to expire on August 12, with the final decision in the hands of US President Donald Trump. Meanwhile, US tariffs have been reduced from 145% to 30%, while Chinese tariffs have been reduced from 125% to 10%. (alg)
Source: FXstreet
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