AUD/USD Price Forecast: Recovers to near 0.7000 amid US Dollars weakness
The Australian Dollar (AUD) trades 0.12% higher to near 0.6995 against the US Dollar (USD) during the Asian trading session on Monday. The AUD/USD pair bounces back after a weak opening, as the US Dollar faces selling pressure amid intensified expectations that the Federal Reserve (Fed) will not hike interest rates in the policy meeting later this month. At press time, the US Dollar Index (DXY), which gauges the Greenbacks value against six major currencies, trades marginally lower around 100.70. The USD Index fell sharply after a strong opening move. According to the CME FedWatch tool, the odds of the Fed leaving interest rates unchanged in the July meeting are 85.6%, up from 65.8% recorded last week. Market participants turned confident that the Fed will maintain the status quo in the July meeting after the release of the United States (US) Consumer Price Index (CPI) data for June, which showed that inflationary pressures cooled down. On the Australian Dollar front, the currency outperforms its major peers, following the People‘s Bank of China’s (PBOC) monetary policy announcement, in which it left Prime Lending Rates (PLRs) unchanged. AUD/USD technical analysis AUD/USD trades higher at around 0.6990 at press time, holding a modestly bullish near-term bias as it









