Ella 
AUD/USD extended gains following the release of key Australian economic data on Tuesday. The pair is likely to rise due to hawkish sentiment from the Reserve Bank of Australia (RBA).
Australia’s Westpac Bank’s consumer confidence index increased by 2.8% in August from a decrease of 1.1% in July. Meanwhile, the wage and price index remained stable in the second quarter, rising 0.8%, slightly below market expectations of 0.9%.
AUD/USD found support as the U.S. dollar faced challenges with the possibility of a rate cut by the Federal Reserve in September. However, this pressure on the dollar may be eased as the likelihood of a 50 basis point rate cut by the Federal Reserve at its September meeting becomes less likely.
Traders are likely to focus on U.S. producer inflation data on Tuesday and consumer inflation data on Wednesday. Traders wanted confirmation that price growth remained stable.
