The AUD/USD pair trades in negative territory for the seventh consecutive day around 0.6610 on Wednesday during the early Asian session.
AUD/USD trades on a weaker note near 0.6610 in Wednesday’s early Asian session. The mixed Australian Judo Bank PMI and Chinese economic woes continue to undermine the Aussie. Rising bets on Fed rate cuts in September might cap the pair’s downside. The mixed flash Australia’s Judo Bank Purchasing Managers Index fails to boost the Aussie. Traders await the US preliminary S&P Global PMI s for June for fresh impetus.
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. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
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