The AUD/USD pair consolidates in a tight range near 0.6550 in Monday’s European session.
AUD/USD sees more downside due to multiple headwinds. Investors await the Aussie inflation data and the Fed ’s policy meeting. The Fed is expected to leave interest rates unchanged in the range of 5.25%-5.50%. The near-term outlook of the Aussie asset remains vulnerable as weak iron ore prices have dampened the Australian Dollar’s appeal. Lower iron ore prices have negatively impacted foreign flows into Australia as it caters to more than 50% of its global demand.
Market sentiment – whether investors are taking on more risky assets or seeking safe-havens – is also a factor, with risk-on positive for AUD. 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.
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