The Australian dollar resumed its losses in Asian trade on Tuesday against a basket of major rivals, approaching five-week lows against its US counterpart following grim data

A stream of weak Australian dollar underpinned hopes of early RBA interest rate cuts this year, in turn harming the Aussies standing.

The Price

The AUD/USD pair fell 0.3% today to 0.6591, with a session-high at 0.6613.

The pair rose 0.5% on Monday, away from five-week lows at 65.76 cents.

Grim Data

Earlier national data showed the NAB Australian labor conditions index down to 6 in May, missing estimates of 7, while the business sentiment index tumbled by 5 points to minus 3 in May.

Weak Growth Data

Last weeks data showed the Australian economy grew by 0.1% in the first quarter of 2024, below estimates of 0.2%.

Australian Rates

The data boosts the odds of a 0.25% interest rate cut by the Reserve Bank of Australia before the year end to underpin the economy.