The AUD/USD pair rebounds strongly from the key support of 0.6650 in Tuesday’s European session.
AUD/USD recovers sharply from 0.6650 as the RBA is less likely to cut interest rates this year. RBA Hauser didn’t offer any interest rate cues and preferred to remain data-dependent. The US Dollar clings to gains as traders see the Fed following a moderate policy-easing cycle. The Aussie pair discovers strong buying interest on expectations that the Reserve Bank of Australia will continue with a restrictive monetary policy stance for the remainder of the year.
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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