Aussie nears 0.6300 amid cautious optimism on Wednesday.
Investors eye possible February rate cut from RBA.
Mid-tier US data came in mixed and weighed on the USD.
The Australian Dollar (AUD/USD) edges toward 0.6300, buoyed by mixed United States data that softened the Greenback and lifted broader risk assets. Nonetheless, anticipation of a dovish Reserve Bank of Australia (RBA) move next month tempers upside potential. Ongoing US-China trade tensions further cloud the outlook, restraining a more decisive rally in the Aussie.
President Donald Trump's additional tariff on Chinese imports remains in effect, prompting China's plan for new countermeasures and an antitrust investigation into Alphabet.
The United States has postponed a 25% duty on Canadian and Mexican imports for 30 days, contingent on border security commitments.
The ADP Employment Change report surprised with 183,000 new private-sector jobs, surpassing market estimates of 150,000.
Revised data from S&P Global show January Services at 52.9 and Composite at 52.7, both up from previous figures.
The Institute for Supply Management's Services PMI declined to 52.8, missing the 54.3 forecast, while the Prices Paid component dropped to 60.4.
Markets are expecting that the Federal Reserve might hold rates steady in March, especially after mixed economic signals.
On the other hand, speculation of a 25 bps cut by the RBA in February weighs on the Aussie since inflation remains subdued.(Cay) Newsmaker23
Source: Fxstreet
