The AUD/USD pair turns sideways after a juggernaut rally to a fresh six-week high near 0.6800 in Tuesday’s European session.
AUD/USD struggles to extend its upside above 0.6800 as investors have sidelined ahead of Aussie inflation for July. The appeal of risky assets remains firm amid optimism over Fed interest rate cuts in September. The next move in the US Dollar will be guided by the US core PCE inflation for July. The rally in the Aussie asset appears to have stalled as investors shift focus to the Australian monthly Consumer Price Index data for July, which will be published on 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.
RBA Inflation Fed Riskappetite
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