AUD/USD partially reversed Tuesday’s drop and advanced marginally despite the continuation of the intense recovery in the US Dollar (USD) on Wednesday.
AUD/USD could not sustain a move to 0.6680 on Wednesday. A further advance in the US Dollar weighed on the risk complex. The RBA ’s Monthly CPI Indicator surprised to the upside. AUD/USD partially reversed Tuesday’s drop and advanced marginally despite the continuation of the intense recovery in the US Dollar on Wednesday.
The central bank emphasized that inflation is still above target and reiterated its commitment to taking the necessary actions to bring inflation back within the target range. The contrast between potential Fed easing and the RBA's likely prolonged restrictive stance could support AUD/USD in the coming months.
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