The AUD/USD pair fell sharply after facing intense selling pressure above the psychological resistance of 0.6500 in the early New York session.
AUD/USD faces an intense sell-off above 0.6500 amid a risk-off mood. A hawkish interest rate decision by the RBA failed to lift the Australian Dollar further. Fed Kashkari warned that the Fed’s job would be unfinished if inflation starts to tick back up. Bears gripped the Aussie asset tightly as the risk-on market mood faded away. The S&P500 opens on a negative note as investors turn anxious ahead of the speech from Federal Reserve Chair Jerome Powell, which is scheduled for Wednesday.
Meanwhile, the Australian Dollar faced a sharp sell-off despite the Reserve Bank of Australia raising its Official Cash Rate by 25 basis points to 4.35% as expected. The RBA raised interest rates after keeping them unchanged in the last four monetary policy meetings. RBA Governor Michele Bullock kept hopes of further rate-tightening alive, citing that the progress in inflation declining to 2% has slowed and risks of persistent consumer inflation have escalated.
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