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The AUD/USD pair is moving sideways near 0.6520 in the early Asian session, with Fed officials’ comments not significantly impacting the market.
Future market traders expect the first rate cuts for the Reserve Bank of Australia to occur in September, rather than August. The pair consolidates above the 0.6500 psychological mark, with the sell-off in the US Dollar and prevailing risk-on environment lending some support.
More Fed speakers are scheduled for Thursday and Friday, amid a quiet week in terms of economic data releases. Federal Reserve Governor Adriana Kugler said inflation is showing signs of slowing down, but she is not yet prepared to begin lowering interest rates.
Fed’s Kashkari suggested two to three rate cuts for 2024 based on current data. The RBA kept the interest rate unchanged on Tuesday and a further hike could not be ruled out as inflation remains too high.
