The AUD/USD dropped sharply on Tuesday, despite the rate hike from the Reserve Bank of Australia (RBA) and the strength of the US Dollar across the board.
AUD/USD Current Price: 0.6424 The RBA raised its policy rate by 25 basis points to 4.35%. The no-hawkish tone of the statement weighed on the Australian Dollar. The US Dollar rose sharply on Tuesday as the rally in riskier currencies took a breather. The pair fell towards the 0.6400 area after trading above 0.6500 on Monday. The RBA raised the Official Cash Rate by 25 basis points to 4.35%, marking the highest level in 12 years. This was the first increase after four consecutive holds at 4.10%.
6500 occurred even as stocks in Wall Street turned positive, reflecting the stronger US Dollar. Comments from Federal Reserve officials supported the Greenback, although key support continues to emerge from US fundamentals. No top-tier data is scheduled for Wednesday, and the key focus will be on Federal Reserve Chair Jerome Powell's speech.
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