AUD/USD came short of the key barrier at 0.6800 the figure on Monday, retreating modestly on the back of an acceptable recovery in the US Dollar (USD), which regained some balance in the wake of Friday’s Powell-induced pronounced sell-off.
AUD/USD partially faded Friday’s sharp advance, faltering around 0.6800. The decent rebound in the Dollar prompted the knee-jerk in AUD. Investors’ attention now shifts to inflation figures due later in the week. AUD/USD came short of the key barrier at 0.6800 the figure on Monday, retreating modestly on the back of an acceptable recovery in the US Dollar , which regained some balance in the wake of Friday’s Powell-induced pronounced sell-off.
Ultimately, the members decided that maintaining the current cash rate target was the best option. They also agreed that a rate cut in the near term is unlikely, although future adjustments to the rate target remain possible. Overall, the RBA is expected to be the last among the G10 central banks to start cutting interest rates. Expectations of Federal Reserve easing have prompted traders to speculate that the RBA might cut rates as early as November, with the odds roughly around 50%.
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