United States (US) Treasury Secretary Scott Bessent said on Tuesday that a rate cut by the Federal Reserve (Fed) could facilitate a pickup in home building and keep prices down for one to two years down the road, per Reuters.
The Australian Dollar (AUD) is losing ground against its US counterpart to kick off the week, with the AUD/USD pair slipping below the 0.6500 mark during the New York session on Monday.
The Canadian Dollar (CAD), with the Australian Dollar (AUD) and New Zealand Dollar (NZD), are mild outperformers on the session so far today, bringing some minor relief for the CAD on the crosses, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.