The Australian Dollar (AUD) extends its gains for the second consecutive session on Monday. The AUD/USD pair holds gains as the US Dollar (USD) could face challenges amid the prevailing dovish tone surrounding the US Federal Reserve's (Fed) policy outlook for September.
The AUD also received support as an upbeat Australian jobs data for July eased concerns about a weakening labor market, lessening the urgency for the Reserve Bank of Australia (RBA) to continue with another rate cut in September.
RBA Governor Michele Bullock stated last week that current forecasts suggest the cash rate may need to be reduced to ensure price stability. However, Bullock emphasized the Board's meeting-by-meeting approach and refrained from making any commitments on rate moves should financial markets experience a bout of volatility.
Source: FXstreet
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