The AUD/USD pair catches aggressive bids on the first day of a new week and sticks to its strong intraday gains, near a multi-day peak through the fir
st half of the European session. Spot prices currently trade just below mid-0.6400s, up nearly 1% for the day, and draw support from a sharp US Dollar downfall.
The crucial US CPI report will play a key role in influencing market expectations about the Federal Reserve's future rate hike path, which, in turn, will drive the USD demand and provide a fresh directional impetus to the AUD/USD pair. In the meantime, the prospects for further policy tightening by the Fed should help limit the downside for the buck and cap any further gains for the major.
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