The AUD/USD pair trades on a weaker note around 0.6770, snapping the four-day winning streak during the early Asian session on Monday.
AUD/USD weakens near 0.6770 in Monday’s early Asian session. US PPI climbed more than expected in June on a margin pickup at service providers. The RBA’s hawkish stance might support the Aussie in the near term. The recovery of the US Dollar provides some support to the pair. Later on Monday, the Chinese economic data and US NY Empire State Manufacturing Index for July are due and the Federal Reserve's Mary Daly is set to speak.
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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