Meanwhile, Australian inflation figures put the AUD/USD pair in focus early in the June 25 session. Economists expect the Monthly CPI Indicator to rise 2.3% in May, down from 2.4% in April.
A lower inflation reading could boost expectations of multiple RBA rate cuts, impacting Aussie dollar demand. Conversely, a higher print may signal a less dovish RBA stance, increasing Aussie dollar appetite.
Later today, Fed Chair Powell may dictate US-Aussie interest rate differentials and AUD/USD trends.
A dovish Fed Chair could boost expectations of a Q3 Fed rate cut. A more dovish Fed may narrow the rate differential favoring the Aussie dollar. A narrower rate differential may send AUD/USD toward the June 16 high of $0.65517.
Conversely, a hawkish Fed Chair may temper rate cut bets. A less dovish Fed stance could widen the rate differential, bringing sub-$0.6450 levels into sight.
