The Australian Dollar is witnessing lax moves after testing two-week low against the US dollar in last session. The AUD/USD pair currently trades at 0.6610, down marginally on the day. Near term economic outlook is supportive for Australia. The Mid-Year Economic and Fiscal Outlook for 2025'/26 also showed that Australia's budget position has improved slightly, with the deficit for 2025/26 now expected to be $36.8 billion instead of $42.1 billion forecast in March. This can cap the losses for AUD/USD pair. Australia is also expecting elevated commodity export earnings amid sustained uptick in metal prices.

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