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ar is not showing strong momentum for another leg lower. Market participants await key data and more guidance from central bankers.
In Australia, the focus is set on the incoming inflation data to be released on Wednesday. The Consumercould determine the Reserve Bank of Australia's actions next week. If inflation runs hot in May, then market participants will look at July for the next rate hike. Currently, the market sees more hikes before year-end, not necessarily next week.
In the US, the key report will also be related to consumer inflation on Friday. Prior to that day, the focus will be on employment indicators. Also, Fed Chair Jerome Powell will speak on Wednesday. The US Dollar is receiving some support from a cautious tone across equity markets. On Monday, US yields dropped moderately, but the
held relatively steady. Monday's quiet trading could be the exception for the week, as volatility may increase for AUD/USD considering the data ahead, and also taking into account the potential effect of quarter-end flows.The AUD/USD is holding steady around 0.6675, after last week's sharp slide. The bias continues to the downside; however, the pair has found support above 0.6665 and above the 200-period Simple Moving Average in the 4-hour chart.
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