AUD/USD dips to 0.6990 after brief push above 0.70, focus turns to CPI and Fed
The Australian dollar retreated from an intraday high of 0.7011 to trade near 0.6990 on Monday, though it held above Friday’s close, as investors looked ahead to domestic inflation data and the Federal Reserve’s rate decision.
AUD/USD gave back its early gains after briefly topping the 0.70 handle during the Asian session. The pair touched 0.7011 before slipping to around 0.6990, still managing to stay above Friday’s closing level.
Markets are eyeing the upcoming Australian CPI release, which could shape expectations for the Reserve Bank’s next move, alongside the Federal Reserve’s interest-rate announcement. The combination of key data and a major central bank decision kept price action contained.
The pullback suggests hesitation as traders await catalysts, with upside attempts capped and support holding near recent lows.
Source: FXStreet Forex News