Australian Dollar gains ground on the weaker US Dollar on Monday.

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• Australian Dollar gains ground on the weaker US Dollar on Monday.
• Australia’s ASX 200 index rises on higher mining stocks.
• US Dollar loses ground after dovish comments from the Former Fed official James Bullard.
• Upbeat US PPI data increased the market bias of no rate cut by the Fed in March.

The Australian Dollar (AUD) starts the week by continuing its four-day winning streak on Monday. The US Dollar (USD) gained support from Friday’s release of better-than-anticipated Producer Price Index (PPI) data from the United States. However, gains were tempered by dovish remarks from former St. Louis Federal Reserve (Fed) president, James Bullard, thereby boosting the AUD/USD pair.

Australian Dollar also gains upward support as the S&P/ASX 200 index reaches an all-time high, driven by increased mining stocks amid stronger metals prices. Furthermore, market sentiment strengthens with the belief that the Reserve Bank of Australia (RBA) will maintain its current monetary policy stance throughout 2024, fueled by Westpac’s expectation of a resilient Australian economy supported by low unemployment and healthy corporate sector balance sheets. Westpac anticipates the RBA to adopt a less restrictive approach in 2025.

The US Dollar Index (DXY) extended its decline as US Treasury yields pared back their daily advances on Friday. With United States banks closed for the President’s Day bank holiday, markets anticipate limited movement in the US Dollar.

The Australian Dollar trades near 0.6560 on Monday, positioned above the immediate support at the major level of 0.6550. A break below this level could push the AUD/USD pair to navigate the key barrier around the nine-day Exponential Moving Average (EMA) at 0.6523 followed by the psychological support level of 0.6500. On the upside, the AUD/USD pair could find the key resistance region around the psychological level of 0.6600 before the 38.2 Fibonacci retracement level of 0.6606.

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