AUD/USD Resilient But Will Struggle for Further Gains, Westpac Says -- Market Talk

Dow Jones04-04

0854 GMT - AUD/USD's immediate prospects look more secure, having survived yet another test of sub-0.6500 levels, says Richard Franulovich, currency strategist at Westpac. But sustained gains still look challenged by soft iron ore prices and simmering doubts about June Fed rate-cut prospects, he adds. Recent Fedspeak shows a diversity of opinions around the timing of rate cuts, underscoring the necessity for very benign U.S. March and April inflation prints to corral a consensus around a June rate cut, he adds. AUD/USD now stands at 0.6595. (james.glynn@wsj.com; @JamesGlynnWSJ)

(END) Dow Jones Newswires

April 04, 2024 04:54 ET (08:54 GMT)

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