The AUD/USD pair gains momentum to near 0.6595 during the early Asian session on Monday.
AUD/USD gains ground to around 0.6595 in Monday’s early Asian session, adding 0.54% on the day. US NFP registered the smallest gain since December 2020. The RBA is expected to hold the Official Cash Rate at 4.35% on Tuesday. The uptick of the pair is bolstered by the softer US Dollar after the weaker-than-expected US October Nonfarm Payrolls data.
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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