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The Australian dollar weakened for the seventh straight session on Tuesday, hurt by a plunge in energy and metal prices. The currency is particularly sensitive to price swings in these assets as Australia is heavily reliant on commodity exports.
The AUD may find support as strong employment data points to tight labor market conditions and raises concerns about a possible rate hike by the Reserve Bank of Australia. Investors look to this week’s Australian manufacturing and services purchasing managers’ index (PMI) data to gauge the health of the economy.
The U.S. dollar (USD) faces challenges as bets on a September rate cut by the Federal Reserve (Fed) rise, and AUD/USD downside may be limited. Fed Chairman Jerome Powell noted growing hope for progress in tackling inflation in recent months. Meanwhile, Fed Governor Christopher Waller said the time is getting closer to lowering the policy rate.
