- AUD/USD stays in positive territory after Australian data indicates economy remains strong.
- Australian business and consumer sentiment remain elevated and wage rises continue apace.
- The data suggests the Reserve Bank of Australia will keep interest rates high until 2025, supporting AUD.
AUD/USD is trading marginally higher on Tuesday, exchanging hands in the 0.6590s during the European session. The pair has seen gains following the release of a slew of Australian economic sentiment and employment data during the Asian session.
The data which included the Westpac-Melbourne Institute Consumer Sentiment Index and the NAB Business Confidence Index showed confidence remaining robust with families and businesses overall optimistic about the outlook.
The Westpac-Melbourne index showed that the “family finances vs a year ago” sub-index surged 11.7% to a two-year top of 70.9 and Matthew Hassan, Senior Economist at Westpac commented “Consumers breathed a small sigh of relief."
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