Australian dollar can’t fight the Fed

The Australian dollar remains on a long term downtrend from the 2020 highs, where it almost reached the 80 cent level versus the USD and despite the latest hawkish anti-inflation efforts by the boffins in Martin Place, is still under a lot of pressure:

The 2022 bounceback from the near 60 cent level has stabilised as we approach the mid year point but is facing renewed pressure from the Federal Reserve which still has its finger on the interest rate hike button.

The case against the Australian dollar firms on the crosses as well with Euro at a two-year high and looking to extend that further: