The Greenback remains on the backfoot as the geopolitical environment dominates currency markets
The commodity environment continues to support AUD, although the crosses remain subdued as a consequence of market appetite for the major non‐USD currencies grows on geopolitical concerns. However, we expect the Federal Reserve to reaffirm the path of monetary policy at its meeting in mid‐June, which in turn should steady the Greenback. Its appears clear that the Trump administration are going to struggle to pass any meaningful legislation in the near term, however there remains underlying momentum in the US economy which supports tightening of monetary policy.
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