AUD/USD continues to consolidate near 0.7750

  • AUD/USD continues to amble near 0.7750 as Aussie institutions shutter for Labour Day.
  • RBA rate statement slated for tomorrow,  RBA gov. speech, GDP figures to follow.

The AUD/USD dropped at Monday’s start, but the pair has clawed its way back and is currently holding just above the 0.7750 level.

The Aussie is kicking off a new week of trading with a slip deeper into Friday’s consolidation as markets come to grips with US President Donald Trump’s announcements of hefty tariffs on primary materials, specifically steel and aluminum.  With Australia’s economy dependant on metals, Trump’s tariff announcement comes at a time when the AUD is already expected to decline through 2018 and 2019.

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