The Australian Dollar (AUD) loses ground against the US Dollar (USD) on Tuesday, retracing its recent gains from the previous session. The AUD/USD pair depreciates following the release of October's Westpac Consumer Confidence and September’s ANZ Job Advertisements.
The President of the Kansas City Federal Reserve Bank Jeffrey Schmid crossed the newswires on October 6. He delivered hawkish remarks, saying that the Fed must maintain its inflation credibility and stressed that inflation is too high. He added that monetary policy is appropriately calibrated.
EUR/USD retraces its recent gains registered in the previous session, trading around 1.1720 during the Asian hours on Monday. The downside of the pair could be limited as the US Dollar (USD) may struggle amid the rising likelihood of the US Federal Reserve (Fed) rate cuts in the upcoming meetings.