Australian Dollar depreciates despite improved Consumer Confidence, US Dollar remains calm
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The Australian Dollar (AUD) retreats after posting gains in the previous two sessions, despite the release of improved Australia Consumer Confidence data on Tuesday. The Westpac-Melbourne Institute Consumer Sentiment index surged 6.2% to 86 in February from 81 in January, marking its highest reading in 20 months. However, the index remained below the neutral 100 mark since February 2022. The depreciation of the Australian Dollar is attributed to the moderation of Australian inflation, leading to speculation that the Reserve Bank of Australia (RBA) has completed its monetary tightening cycle. The US Dollar (USD) remains calm, with market sentiment mixed ahead of the release of important US inflation data scheduled for Tuesday.
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