AUD/USD gathers strength to near 0.6550 on weaker US Dollar

The AUD/USD pair attracts some buyers to near 0.6540 during the early Asian session on Monday.

AUD/USD edges higher to 0.6540 in Monday’s early Asian session, up 0.66% on the day. The US S&P Global Composite PMI climbed to 55.3in November's flash estimate vs. 54.1prior. Australia’s flash Judo Bank CompositePMI surprisingly contracted in November. The US Dollar Index declines slightly after reaching a new two-year highdespite the strong US S&P Purchasing Managers Index data.

How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia influences the Australian Dollar by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down.

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