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AUD/USD holds steady around 0.6505 in Monday’s early Asian session.  The stronger US economic data and cautious comments from Fed officials might lift the USD.  Trump’s policies on taxes, tariffs could weigh on the Aussie. The AUD/USD pair trades flat near 0.6505 amid the consolidation of the US Dollar (USD) during the early Asian session on Tuesday. Investors will monitor the Reserve Bank of Australia (RBA) Meeting Minutes, which is due later on Tuesday.  The US Dollar Index (DXY), which measures the USD against a basket of currencies, currently trades around 106.20 after retreating from a more than one-year high last week of 107.07. The Greenback struggles to gain ground as the Trump trade seems to lose momentum. However, the stronger US economic data and cautious remarks from the Federal Reserve (Fed) might cap the downside for the USD in the near term.  In a light week for US economic data, the National Association of Home Builders (NAHB) Housing Market Index climbed to 46.0 in November, the highest since April, from 43.0 in October, beating the estimation of 44.0. On the Aussie front, Donald Trump has threatened to implement 60% tariffs on exports from China as he seeks to protect US companies and jobs. The likely negative spillovers from Trump’s policies might drag the Australian Dollar (AUD) lower as China is a major trading partner of Australia.  Investors brace for the RBA Meeting Minutes for more cues on future interest rates. The hawkish tone about the inflationary outlook for the Australian economy could lift the Aussie against the USD for the time being.  Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is…

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Filed under: News - @ November 18, 2024 11:26 pm