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The Australian Dollar (AUD) halted its recent three-day decline on Thursday, possibly buoyed by improved risk appetite. However, it faced pressure following the release of the Consumer Inflation Expectation by the Melbourne Institute, which dropped to 4.1% in May from 4.6% in April, marking its lowest level since October 2021.
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Private sector activity in Australia remained in expansionary territory for the fourth consecutive month in May. The preliminary Judo Bank Composite Purchasing Managers Index (PMI) slipped to 52.6 from Aprilโs 53.0, indicating a slight moderation in growth. This growth was driven primarily by the services sector, while the decline in manufacturing output decelerated.
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