Anna 
The Australian Dollar (AUD) saw its second consecutive decline on Friday, pressured by a strengthening US Dollar (USD) driven by mixed S&P preliminary Purchasing Managers Index (PMI) data and robust weekly Jobless Claims from the United States (US).
The AUD faced downward pressure from the drop in the ASX 200 Index, with losses particularly notable in energy and consumer stocks despite Wall Street’s positive performance, where all three major benchmarks reached record highs.
While lower US Treasury yields posed a challenge to the US Dollar Index (DXY), it continued to extend its gains. However, the USD faced some hurdles due to the Federal Reserve’s (Fed) reaffirmation of expectations for three interest rate cuts in 2024. The consensus anticipates the initiation of an easing cycle in June, with the timing of subsequent cuts contingent upon incoming data.
