The AUD/USD pair recovers some lost ground to near 0.6805, snapping the two-day losing streak during the early Asian session on Monday.
AUD/USD trades in positive territory around 0.6805 in Monday’s early Asian session. The US Nonfarm Payrolls came in stronger than expectations in September. Middle East geopolitical risks might weigh on the Aussie, but a hawkish RBA could cap its downside. The stronger-than-expected US September employment data provide some support to Greenbank and drag the major pair lower.
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. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
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