On Wednesday, AUD/USD finally broke above the key 0.6800 the figure for the first time since early January, flirting with yearly highs at the same time.
AUD/USD could not sustain an earlier breakout of 0.6800. The Dollar’s rebound weighed on the Aussie Dollar and the risk complex. The RBA ’s Monthly CPI Indicator surpassed consensus in July. That bull run, however, dissipated soon afterwards in response to the intense rebound in the US Dollar . Currently, the pair's upward momentum remains strong, supported by a recent breakthrough above the 200-day SMA at 0.6610, which has shifted the short-term outlook for AUD/USD to a bullish stance.
Ultimately, the members concluded that maintaining the current cash rate target was the best course of action. They also noted that a near-term rate cut is unlikely, though future rate adjustments remain possible. Overall, the RBA is expected to be the last among the G10 central banks to start cutting interest rates.
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