Aussie resumes losses after grim data

Economies.com
2024-06-11 04:14AM UTC

The Australian dollar resumed its losses in Asian trade on Tuesday against a basket of major rivals, approaching five-week lows against its US counterpart following grim data 

 

A stream of weak Australian dollar underpinned hopes of early RBA interest rate cuts this year, in turn harming the Aussie’s standing.

 

The Price 

 

The AUD/USD pair fell 0.3% today to 0.6591, with a session-high at 0.6613.

 

The pair rose 0.5% on Monday, away from five-week lows at 65.76 cents. 

 

Grim Data

 

Earlier national data showed the NAB Australian labor conditions index down to 6 in May, missing estimates of 7, while the business sentiment index tumbled by 5 points to minus 3 in May. 

 

Weak Growth Data 

 

Last week’s data showed the Australian economy grew by 0.1% in the first quarter of 2024, below estimates of 0.2%. 

 

Australian Rates

 

The data boosts the odds of a 0.25% interest rate cut by the Reserve Bank of Australia before the year end to underpin the economy. 

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