The AUD/USD pair extends its recovery to near 0.6715 during the early Asian session on Monday.
AUD/USD edges higher to around 0.6715 in Monday’s early Asian session. Rising bets on smaller Fed rate cuts could cap the USD’s downside. Strong Australian job data lowers expectations of the RBA rate cut. The modest decline of the Greenback provides some support to the pair. Investors will keep an eye on the speeches from Federal Reserve officials later on Monday, including Neel Kashkariand Jeffrey Schmid.
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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