AUD/USD Holds Steady Above 0.6400 Ahead Of China Macro Data
The AUD/USD pair kicked off the new week on a subdued note and consolidated just above the 0.6400 round-figure mark during the Asian session (19/05). Moreover, the spot prices remained confined within a familiar range for the past one-month or so as traders await a fresh catalyst before positioning for the next leg of a directional move.
Meanwhile, Monday’s China macro data could provide some impetus to the AUD/USD pair and allow traders to grab short-term opportunities. However, the immediate market reaction is likely to be limited as the focus remains on the Reserve Bank of Australia’s (RBA) key policy decision due on Tuesday.
The Australian central bank is widely expected to cut its key interest rate by 25 basis points (bps) and lower borrowing costs twice this year amid easing inflation and growth concerns amid trade tensions. However, the easing of the US-China trade war has dampened speculations of more aggressive policy easing by the RBA.
Source: FXStreet
