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Market Analysis
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The Australian Dollar (AUD) consolidates, with a sentiment indicating a potential to recover recent losses on Wednesday. Despite the S&P/ASX 200 Index rising for the second consecutive day, tracking gains on Wall Street overnight, lower commodity prices could exert pressure on the Aussie Dollar. Investor sentiment remains cautiously optimistic following the release of upbeat Consumer Price Index (CPI) data from the United States (US).
Australian Dollar suffered losses against the US Dollar (USD) on Tuesday, driven by a stronger-than-expected CPI report that dampened hopes of a near-term rate cut by the Federal Reserve (Fed). This strengthened the Greenback, potentially creating headwinds for the AUD/USD pair. Traders are likely to shift their focus to the US Core Producer Price Index (PPI) and Retail Sales data scheduled for release on Thursday.
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