AUD/USD Falls Near 0.7000 Ahead of US PCE Data
The Australian dollar slipped against the US dollar, approaching the 0.7000 level, as traders adopt a cautious stance ahead of the release of the US PCE inflation report.
The AUD/USD pair edged lower on Monday, trading near the 0.7000 mark. The decline comes as market participants remain cautious ahead of the US Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's preferred inflation gauge.
Investors are closely watching the PCE data for clues on the Fed's next policy moves. A higher-than-expected reading could reinforce expectations of a more aggressive tightening cycle, which would further weigh on risk-sensitive currencies like the Australian dollar.
No other major catalysts were noted in early Asian trading, with the pair consolidating near the psychologically important 0.70 level.
Source: FXStreet Forex News