FX.co ★ Australian Dollar Extends Gains

The Australian dollar advanced beyond $0.648 on Tuesday, continuing its upward trajectory from the previous session, bolstered by a weakening US dollar amidst the ongoing mixed developments associated with the Israel-Iran ceasefire. US President Donald Trump declared a "complete and total" ceasefire meant to conclude the twelve-day conflict, slated to commence late Monday, with Iran initiating the halt in attacks, followed by Israel. Nonetheless, Iran’s Foreign Minister, Abbas Araghchi, refuted claims of any agreement regarding a ceasefire or cessation of military activities. Further contributing to the pressure on the greenback were dovish remarks from Federal Reserve officials Michelle Bowman and Governor Christopher Waller. In Australia, investor focus shifts to the May monthly Consumer Price Index (CPI) figure, which is anticipated to show a slight decline after remaining unchanged for the last three months. Currently, markets are forecasting an 80% likelihood of a 25 basis point interest rate cut by the Reserve Bank of Australia (RBA) in July, with an aggregated expectation of 73 basis points in rate cuts forecasted by the year's end.