AUD/USD is trading in the lower 0.6600s on Wednesday during the US session.
AUD/USD rises as markets continue to expect the Fed to cut rates in June. The RBA by contrast is striking a more hawkish tone, suggesting rates may even need to rise. Iron Ore prices are a drag on AUD/USD as they tumble amidst China property slump. It is marginally up by two tenths of a percent on the day as markets continue to expect the Federal Reserve to cut interest rates in June, despite stickier inflation data.
They will be made to pay the due price,” said Minister of Housing and Urban-Rural Development Ni Hong at the weekend. This does not bode well for Iron Ore prices going forward or for the Australian Dollar. Reserve Bank of Australia split on interest rates Unlike the Federal Reserve, which is steadily reaching a consensus on the need for a June interest rate cut, the Reserve Bank of Australia continues hinting it may have to raise rates even higher than their current 4.35% level.
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