The AUD/USD pair gains traction near 0.6715 during the early Asian session on Wednesday.
AUD/USD trades with mild gains around 0.6715 in Wednesday’s early Asian session. Australia n Services PMI rose to 52.5 in August vs. 52.2 prior, better than estimated. Traders raised their bets on a more aggressive rate cut after the weaker US Manufacturing PMI data. The upbeat Australia n August Purchasing Managers Index provides some support to the Australia n Dollar . However, traders will take more cues from Australia ’s Gross Domestic Product for the second quarter, which is due Wednesday.
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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