AUD/USD faltered once again around the key 0.6800 mark on Tuesday, although it managed to cling to decent gains for the day as the US Dollar (USD) suffered the return of sellers to the market.
AUD/USD resumed its uptrend and came close to the 0.6800 barrier. The Dollar’s knee-jerk bolstered the daily uptick in the Aussie Dollar. Markets’ focus is on inflation figures due on August 28. AUD/USD faltered once again around the key 0.6800 mark on Tuesday, although it managed to cling to decent gains for the day as the US Dollar suffered the return of sellers to the market. In the meantime, the pair’s upward momentum remains intact, bolstered by a recent break above the 200-day SMA at 0.
Ultimately, the members agreed 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 on the table. Overall, the RBA is expected to be the last among the G10 central banks to begin cutting interest rates. Expectations of Federal Reserve imminent easing have led traders to speculate that the RBA might cut rates at some point in Q4, with the odds at around 50%.
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