The Australian Dollar (AUD) extends its losses for the second successive session on Friday. However, market activity is expected to be subdued due to light trading on Good Friday. Meanwhile, the US Dollar (USD) strengthens as recent data indicates annualized economic expansion in the United States (US), driven by consumer spending. This development undermines the AUD/USD pair.
The Australian Dollar encountered difficulties amid weaker Consumer Inflation Expectations and Retail Sales figures from Australia. These indicators raised expectations of potential interest rate cuts by the Reserve Bank of Australia (RBA) in the latter half of 2024. Furthermore, Wednesday's release of the softer Australian Monthly Consumer Price Index further reinforced this outlook.
The US Dollar Index (DXY) seems poised to extend its winning streak, buoyed by hawkish comments from a Federal Reserve (Fed) official that bolstered the Greenback. Fed Governor Christopher Waller's remarks on Wednesday suggested that the central bank might delay interest rate cuts in light of robust inflation data. Investors now await the US Personal Consumption Expenditures (PCE) report on Friday, which serves as the Fed’s preferred inflation gauge, to gain additional insight and guidance.
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