AUD/USD resumed its decline and rapidly faded Wednesday’s small advance, receding once again to the proximity of the key 0.6500 region, or two-month lows.
AUD/USD resumed its multi-session lows and retested the 0.6500 region. The RBA is expected to keep rates unchanged at 4.35% next week. Australia ’s trade surplus widened to A$5.589B in June. The Aussie dollar, in the meantime, maintained its trade below the critical 200-day SMA vs. the Greenback, remaining vulnerable to further losses at least in the short-term horizon.
Overall, the RBA is anticipated to be the last G10 central bank to start cutting interest rates. The central bank is not in a hurry to ease policy, expecting that it will take time for inflation to consistently fall within the 2-3% target range. Potential easing by the Federal Reserve in the medium term, contrasted with the RBA's likely prolonged restrictive stance, could support AUD/USD in the coming months.
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