The Australian dollar retreated after the Reserve Bank of Australia (RBA) delivered its July interest rate decision.
RBA leaves rates unchanged
In a statement, Governor Philip Lowe said that while inflation has peaked, it still remains above the 2% target. The rate pause will give the bank an opportunity to assess the impact of the most recent rate hikes. As a result, the bank will resume the rate hikes if inflation remains stubbornly high. The statement added:
The RBA noted that the Australian economy is doing well. House prices have started drifting upwards while many Australians have savings buffers. Regardless of the report, analysts believe that the Fed will hike interest rates by another 0.25% this month. It will also point to more increases in the coming months.
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