AUD/USD will likely remain heavy as iron ore prices are under renewed downside pressure – BBH

AUD/USD is directionless just under its 200-Day Moving Average of 0.6551. Economists at BBH analyze the pair’s outlook.

Australia’s Westpac/Melbourne Institute Consumer Sentiment Index fell in March

AUD/USD will likely remain heavy as iron ore prices are under renewed downside pressure.

Moreover, Australia’s Westpac Melbourne Institute Consumer Sentiment Index fell 1.8% to 84.4 in March, suggesting consumers are more concerned about the near-term economic outlook. The data validates the RBA’s concern about weak household consumption growth and supports money market pricing for 50 bps of rate cut this year.

Mar 26, 2024

China’s Foreign Minister Wang: US should work with China in the same direction, promote stabilization

In his in meeting with the Us Executive on tuesday, China Foreign Minister Wang Yi said that “the crux of China-US relations lies in the US’ position of China as the most important strategic competitor and the most important geopolitical challenge.” “This has led to problems in bilateral relations,” Wang added.

New Zealand Dollar rises on positive risk tone

The New Zealand Dollar (NZD) is trading higher in its most traded pairs on Tuesday as markets adopt a positive risk tone, benefiting commodity currencies like the New Zealand Dollar over safe havens.