The AUD/USD pair edges lower to 0.6745, snapping the four-day winning streak during the early Asian session on Monday.
AUD/USD trades on a weaker note around 0.6745 in Monday’s early Asian session. US NFP rose 206K in June versus 218,000 prior, better than the estimated. The AUD strength holds amid stronger Australian economic data. The renewed US Dollar demand amid the cautious mood weighs on the pair. In the absence of any top-tier data releases from Australia and the US on Monday, the USD price dynamic will be the main driver for the AUD/USD pair.
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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