On Thursday, AUD/USD regained balance and punched upwards through the pivotal level of 0.6800 once again, hitting new highs in levels not seen since early January.
AUD/USD rose to fresh highs north of the 0.6800 barrier. The Dollar’s rebound ran out of steam towards the end of the day. Retail Sales will be the salient event in Oz at the end of the week. The resumption of the upward bias in the Aussie dollar came despite acceptable gains in the Greenback, although the US Dollar Index lost some upside impetus as the day drew to a close on Thursday.
In the end, it was considered that the current cash rate target was maintained appropriately. Policymakers also noted that a rate cut in the near future was unlikely, though the rates could be changed further into the future. At this point, the RBA is expected to be the last of the G10 central banks to begin cutting rates.
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