Forex
AUD/USD Rally Faces Jackson Hole and US Inflation Test
The AUD/USD exchange rate consolidated in early trade on Tuesday as traders awaited key U.S. economic reports and a highly anticipated speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole gathering.
Rising bond yields and news of the Treasury Department doubling its buyback program have pushed the Aussie dollar to recent multi-month highs, but the pair took a breather on Monday following a report that the department could use the near $1 trillion General Account to fund the purchases instead of short-term debt.
The Reserve Bank of Australia's Meeting Minutes were published, shedding no new insights about domestic interest rates, which markets widely expect to remain on hold at 4.35% through the remainder of this year.