• AUD/USD extends gains, influenced by disappointing S&P Global PMIs from the US, suggesting possible Fed easing.
• US Dollar weakens as Treasury yields fall and equity markets respond positively to the potential shift in Fed policy.
• Upcoming Australian CPI data could influence the Reserve Bank of Australia's policy stance.

The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected. That spurred speculations that the Federal Reserve could put rate cuts back on the table, following last week's hawkish rhetoric. The AUD/USD trades at 0.6488, up by 0.01% as Wednesday’s Asian session begins.