AUD Sinks on Soft Jobs Data, RBA Cut Bets Climb

US Senate passes Trump-backed bill cutting foreign aid, public broadcasting by 51 to 48, sending measure to House Senate sends Trump’s DOGE cuts package to the House as deadline to pass it closes in President Donald Trump is one step closer to having Congress officially sign off on a slice of his Department of Government Efficiency’s spending cuts after Senate Republicans agreed in the early hours of Thursday morning to cancel $9 billion in funding to foreign aid and public broadcasting. The package now returns to the House for final approval, where it must pass by a Friday deadline mandated under the budget rules Republicans are using to move the package without Democratic votes. If successful, it will then head to Trump’s desk, where he’s expected to sign the partisan push to claw back federal dollars that Congress had already sent out the door. While most Senate Republicans firmly embraced the spending cuts and are pressing for more, some within the party raised concerns over the White House push, arguing that it set a harmful precedent undermining congressional authority. Two Republicans opposed the measure on the final vote: Sen. Susan Collins, who chairs the Senate Appropriations Committee, and Sen. Lisa Murkowski. The final tally was 51-48.

The euro area annual inflation rate was 2.0% in June 2025, up from 1.9% in May. A year earlier, the rate was 2.5%. European Union annual inflation was 2.3% in June 2025, up from ...