The Australian Dollar (AUD) appreciates on Monday, with the AUD/USD pair extending its gains for the second consecutive session. The US Dollar (USD) weakens as traders brace for shutdown risks of the United States (US) government, beginning from October 1.
The AUD also draws support from fading odds of near-term policy easing by the Reserve Bank of Australia (RBA), driven by recent data showing a hotter-than-expected consumer price index in August. Markets now price only a 6.5% chance of a 25-basis-point rate cut at September's meeting scheduled on Tuesday and 38.2% probability at its subsequent meeting in November.
Australia posted a budget deficit of nearly A$10 billion (approximately $6.55 billion) for the year ending June 2025, marking the end of two consecutive years of surpluses. The shortfall was far smaller than the Treasury's A$27.9 billion forecast.
Source: FXstreet
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