Ella 
AUD/USD continued its decline on Tuesday, likely driven by risk aversion. However, the currency pair rose slightly in Asia as the Westpac Consumer Confidence Index fell 0.3% month-on-month in May, compared with a 2.4% drop in the previous month. This is the third month of declines, but at the slowest pace.
The Australian dollar is likely to find support as China announces broad plans to support its struggling property market, including easing mortgage rules and urging local governments to buy unsold homes. This could boost sentiment in the Australian dollar market, as both China and Australia are close trading partners.
The U.S. dollar (USD) held steady amid the absence of top U.S. economic data. Higher U.S. Treasury yields provided support for the dollar. The U.S. Federal Reserve is cautious about inflation and the possibility of an interest rate cut in 2024.
