Australian Dollar gains ground on encouraging Chinese PMI data.
RBA Meeting Minutes are awaited to be released on Tuesday.
Chinese Manufacturing PMI came in at 51.1, against the expected 51.0 and 50.9 prior.
US Dollar faces challenges after dovish remarks from Fed Chair Powell.
The Australian Dollar (AUD) retraces its recent losses on Monday, possibly bolstered by positive Chinese Purchasing Managers Index (PMI) figures. Moreover, the US Dollar (USD) faced downward pressure due to decreased US Treasury yields, lending support to the AUD/USD pair. Trading activity is anticipated to be subdued due to Easter Monday.
The Australian Dollar encountered challenges amidst weaker Consumer Inflation Expectations, possibly signaling expectations for interest rate cuts by the Reserve Bank of Australia (RBA) in late 2024. Investors are likely to closely monitor the release of the RBA Meeting Minutes scheduled for Tuesday.
The US Dollar Index (DXY) struggled on dovish remarks from the Federal Reserve (Fed) Chairman Jerome Powell on Friday. He stated that the recent US inflation data aligned with the desired trajectory, affirming the Federal Reserve's stance on interest rate cuts for the year. Personal Consumption Expenditures Price Index (PCE) data from the United States (US) met expectations in February.
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