AUD/USD loses steam above 0.6500 weighed down by upbeat US macroeconomic data

• The Australian dollar loses pace of recovery, while US macroeconomic data exceeds expectations.
• US factory orders and JOLTS job postings support the idea of ​​a strong economy with a tight labor market.
• Cleveland Fed President Loreta Mester hints at a rate cut in 2024, but does not clarify when.

The Australian Dollar rebounded from the 0.6480 support zone on Tuesday. However, the bulls are struggling to find significant acceptance above the 0.6500 zone, which keeps the overall downtrend intact.

In the US, Census Bureau data reported a stronger-than-expected recovery in factory orders, confirming strong momentum in the manufacturing sector, following Tuesday's brilliant ISM PMI report.

Additionally, US JOLTS job openings rose above expectations in February. These data have helped support the view of a strong economy with a tight labor market, which poses a challenge to the Fed's easing plans.

Cleveland Fed President Loreta Mester has provided some reassurance to markets, hinting at rate cuts later in the year, but added that the Fed may need more time to confirm that inflation is heading toward the 2% target. Later, Mary Daly, CEO of the San Francisco Fed and a moderate hawk, could offer more information on the bank's rate outlook.