The Australian Dollar (AUD) held steady on Monday, holding onto last week's late gains against the US Dollar (USD). AUD/USD kept a tight grip on the 0.6470 region, keeping the pair locked in against the 200-day Exponential Moving Average (EMA). A much-needed moment of Greenback selling helped to snap the Aussie's six-day losing streak, and traders are now pivoting to watching for trade headlines.
Australia's Melbourne Institute (MI) inflation gauge hit a 20-month high in July, rising 0.9% MoM, its highest single-month increase since December 2023. Australian Consumer Price Index (CPI) eased to 1.9% last week, dragging Q1 inflation metrics below the Reserve Bank of Australia's (RBA) 2-3% target band and locking in an interest rate cut at the upcoming interest rate decision on August 12.
Australian markets remain exposed to fallout from the Trump administration's whiplash tariff policies, keeping general risk appetite underbid in the Australian quarters. Australia is opening up its consumer market to beef imports from Canada for the first time since 2003, dealing a potential blow to US President Donald Trump's claims that the US will be exporting huge amounts of American beef to the Australian markets as a result of his strong-arm tariff policies targeting Australia.
Source: Fxstreet
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