The Aussie dollar managed to reverse the pessimistic start of the week and motivated AUD/USD to chart modest gains following an earlier drop to the sub-0.6500 region on turnaround Tuesday.
AUD/USD reversed Monday’s losses and rebounded from 0.6480. Further selling could drag the pair to the YTD low near 0.6440. Final Services PMI in Australia improved more than expected in February. This renewed bullish sentiment towards the Australian currency coincided with a daily retracement in the Greenback, always amidst ongoing speculation regarding the timing of the first interest rate cut by the Federal Reserve , projected for June.
A resurgence in the Chinese economy is also expected to coincide with an upswing in commodity prices, lending support to the Australian currency. Nonetheless, the cautious stance of the Reserve Bank of Australia is anticipated to temper significant downward pressure on the AUD. As one of the most recent major central banks to contemplate interest rate cuts, the RBA's policy decisions contribute to this expectation.
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