Forex
AUD/USD Bounces as Strong Domestic Data Meets Firm Greenback
The Australian Dollar has rebounded from its recent decline after strong flash Purchasing Managers Index readings indicated a second consecutive month of private-sector expansion in Australia.
Rising crude oil prices, fueled by tensions between the US and Iran, are supporting the US Dollar and reinforcing expectations for further interest rate increases by the Federal Reserve.
The Reserve Bank of Australia's expectation of additional interest rate hikes is also bolstering the Australian currency, despite a firm Greenback that remains a significant drag on the AUD/USD pair.