The Australian dollar held its recent gains around $0.652 on Friday and was on track for a solid 0.8% weekly advance, buoyed by a weak US economy and growing expectations of a Fed rate cut that pressured the greenback. Reports that Fed Governor Christopher Waller is a leading contender to head the central bank further strengthened market bets on a policy shift as early as September. Domestically, recent data showed strong trade balance figures, along with a better-than-expected trade surplus in China, adding support for the China-proxy currency. However, the Aussie remained under pressure as markets fully priced in a quarter-point rate cut and slim odds of an outsized 50bps cut from the Reserve Bank of Australia at next week’s meeting. The RBA is also set to release updated forecasts, expected to show weaker GDP and higher unemployment, supporting the case for more rate cuts. Still, the RBA emphasized cautious easing, with rates expected steady in September and cuts likely in November.