The AUD/USD pair consolidates its recent gains during the early Asian session on Tuesday.
AUD/USD oscillates around 0.6370 amid the weaker USD and risk-on mood. The upbeat Australia’s Retail Sales raise the odds for more rate hikes from the Reserve Bank of Australia . The Federal Reserve said they would keep rates steady in November, but December will depend on data. The pair hovers around 0.6370 after retracing from the previous day’s high of 0.6384.
The stronger might alleviate concern about the sluggish economic condition in the world’s second economy and benefit the China-proxy Aussie. On the USD’s front, the Fed affirmed that they would leave interest rates unchanged on Wednesday, but whether they will hold for December will depend on the incoming data. According to the CME Fedwatch tools, Markets currently priced in a 23% chance of the Fed hiking 25 basis points in the December meeting.
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