The AUD/USD pair stays in a tight range below the immediate resistance of 0.6700 from almost three weeks.
AUD/USD trades sideways below 0.6700 for more than two weeks. The RBA could tighten its monetary policy further as disinflation appears to have reversed. Investors await the US ADP Employment Change and the ISM Services PMI for June. The upside in the Aussie asset appears to be restricted as the Reserve Bank of Australia has not leaned strongly towards raising interest rates further despite price pressures appear to have revamped again.
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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