The Australian Dollar (AUD) pares its intraday gains on Tuesday. However, the decline in the US Dollar (USD) helped to support the AUD/USD pair during the early Asian hours. The AUD faced slight downward pressure following the release of Australia's Westpac Consumer Confidence data, which dipped 1.8% to 84.4 in March 2024 from February's 86.0, easing from 20-month highs.
The Australian equity market found support from expectations of a rate cut, driven by a decline in the Aussie consumer confidence, contributing to the strength of the Australian Dollar. Despite modest weakness on Wall Street overnight, the ASX 200 Index extended its winning streak. Investors are anticipated to closely monitor the release of the Australian monthly Consumer Price Index (CPI) data on Wednesday.
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