The pair also declined after the extremely hawkish minutes by the Federal Reserve. It is trading at 0.7477, which is lower than this week’s high of 0.7660.The RBA concluded its monthly meeting on Tuesday. While the bank left rates unchanged at 0.1%, it hinted that it was losing patience on inflation. Therefore, after reading the report, many analysts are optimistic that the bank will deliver its first interest rate hike in June.
In a statement to the senate, the RBA deputy governor said that the bank was surprised about inflation had risen so rapidly during the pandemic. In 2021, the RBA was signaling that the bank will deliver its first interest rate hike in 2023 or 2024. She blamed inflation on the ongoing supply chain challenges.
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