Australian Dollar Extends Rally on Risk-On Mood
The Australian dollar edged closer to $0.635 on Tuesday, marking the fifth consecutive session of gains, buoyed by enhanced global risk sentiment which invigorated a rally in antipodean currencies. This optimistic mood was spurred by US President Donald Trump's recent decision to exclude certain key technology products from his reciprocal tariffs, coupled with speculations that his administration might halt the implementation of the planned 25% tariffs on auto imports. Nevertheless, lingering uncertainty persisted following the US Commerce Department's initiation of a national security investigation concerning semiconductor and pharmaceutical imports. Domestically, minutes from the Reserve Bank of Australia's April meeting provided limited insight into the timing of future interest rate adjustments. Policymakers highlighted substantial uncertainties both domestically and internationally, indicating that future policy decisions would remain reliant on incoming data.
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