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Market Update: Australian Dollar Trades Higher
The Australian Dollar added 0.00102 points or 0.13% to 0.7736 against the US Dollar on Monday. The risk-sensitive Aussie was boosted throughout Asian trade after a preliminary report Friday showed that the IHS Markit US Composite PMI climbed to an all-time high of 68.1 in May, with both manufacturing and services rising at record paces. Meantime, market-based gauges of inflation expectations have declined of late, but concerns linger that the post-pandemic recovery could stoke price pressures and force a pullback in extraordinary central bank support. Local 10-year rates eased to 1.656% while US 10-year rates were at 1.617%. In local news, Reuters reported that the RBA will likely lag its peers in tightening monetary policy even though Australia has emerged from the slump caused by the COVID-19 pandemic with strong growth momentum. Traders now look toward the release of US consumer prices later in the week, along with the 2nd estimate Q1 US GDP and President Biden’s FY2022 budget. [/s2If]
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