AUD/USD continues sideways trading around 20-day SMA.
Fed Minutes on Wednesday follow RBA’s turn.
May’s Retail Sales from Australia and US ADP figures are also due on Wednesday.
Powell showed confidence in inflation coming back down to 2% sooner than expected.
Tuesday's session witnessed the Australian Dollar (AUD) clearing losses against the US Dollar following the release of the hawkish Reserve Bank of Australia (RBA) minutes and the US JOLTs figures from May. For the USD, the confidence of Jerome Powell on inflation coming back down sooner on the prospects of a cooling labor market weakened the Greenback.
The Australian economy exhibits some signs of weakness. Nevertheless, the persistently high inflation is prompting the RBA to delay potential rate cuts. The RBA is set to be among the last G10 countries' central banks to start reducing rates, which may limit the downside of the Aussie.
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