The Australian dollar gained against the US dollar on Tuesday. The current AUDUSD exchange rate stands at 0.6607.
Morning statistics from Australia on the Consumer Sentiment Index by Westpac for April showed a 2.4% decline compared to the preceding 1.8% decrease. The index has fallen for two consecutive months as stable inflation in the country and high interest rates exert significant pressure on the consumer market. The Westpac report states that, despite previously signalling readiness to raise interest rates, the Reserve Bank of Australia requires greater confidence in stable inflation before considering a softening of monetary policy.
The market anticipates the Reserve Bank of Australia to start rate cuts towards the end of 2024. However, a strong employment sector and rising housing prices obscure these prospects.