AUD/USD sticks to modest gains, upside seems limited amid geopolitical risks and bullish USD

The AUSD/USD pair attracts some buyers on the first day of a new week and recovers a part of Friday's losses to the 0.6455 area, or its lowest level since February 14.

AUD/USD stages a modest recovery from a two-month low touched on Friday. The uptick seems unaffected by the Iranian attack on Israel over the weekend. Reduced Fed rate cut bets favor the USD bulls and should cap gains for the pair. The AUSD/USD pair attracts some buyers on the first day of a new week and recovers a part of Friday's losses to the 0.6455 area, or its lowest level since February 14.

Adding to this, comments by a slew of influential FOMC members forced investors to push back their expectations for the first rate cut to September from June. The outlook keeps the US Treasury bond yields elevated near the YTD peak touched last week, which, along with persistent geopolitical tensions, should underpin the safe-haven Greenback. This, in turn, warrants some caution before confirming that the AUD/USD pair has bottomed out in the near term.

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