Australian Dollar Pressured by Tariff Concerns
The Australian dollar remained below $0.63 on Monday, hovering close to a one-week low as global trade uncertainties affected the currency, particularly due to Australia's dependency on the free movement of goods. Over the weekend, U.S. President Donald Trump reiterated plans to implement reciprocal tariffs on all countries and reportedly urged his advisors to adopt a more assertive trade posture. Investors are also looking ahead to the Reserve Bank of Australia's decision this week, with expectations that the central bank will maintain interest rates at 4.1%. Nevertheless, markets still foresee possible monetary easing later this year, with a 70% chance of a rate reduction in May. Elsewhere, Prime Minister Anthony Albanese recently announced a national election scheduled for May 3, initiating a five-week campaign emphasizing tax reductions and cost-of-living support.
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