Ella 
The Australian dollar (AUD) continued its fifth straight session of gains on Tuesday, driven by hawkish sentiment from the Reserve Bank of Australia (RBA). This positive outlook reinforces the strength of the Australian dollar, providing support for AUD/USD.
The Reserve Bank of Australia is widely expected to keep the cash rate at 4.35% at its May meeting later in the day. However, according to The Australian Financial Review, there is speculation that the Reserve Bank of Australia may take a more hawkish stance as last week’s inflation data exceeded expectations.
The U.S. Dollar Index (DXY), which measures the performance of the U.S. dollar (USD) against six major currencies, continues to face pressure following weak U.S. labor data on Friday. The development revived hopes that the Federal Reserve (Fed) could cut interest rates in 2024.
