The Australian Dollar remains under pressure as traders await RBA Meeting Minutes and key China economic data this week.
AUD/USD traded near 0.6880 on Monday, extending losses from Friday as investors await fresh catalysts. The pair has weakened over the past month amid broader USD strength and caution ahead of US labor market data later this week.
The Reserve Bank of Australia’s Meeting Minutes, due Tuesday, will provide insight into the Board’s decision to hold rates at 4.35% in June. Governor Michele Bullock previously stated inflation remains too high, reinforcing a data-dependent stance. Markets will also scrutinize the RBA’s transcript from a Sunday panel for policy clues.
China’s PMIs, also due Tuesday, will influence the Aussie. Manufacturing PMI is expected to rise slightly to 50.1, while non-manufacturing activity remains a key focus for commodity-linked currencies.