The AUD/USD pair remains on the defensive near 0.6605 during the early Asian session on Monday.
AUD/USD trades with mild losses around 0.6605 in Monday’s early Asian session. The US Michigan Consumer Sentiment Index was stronger than expected, rising to 70.5 in October vs. 68.9 prior. The hawkish RBA might cap the Aussie’s downside. The downtick of the pair is pressured by the firmer US Dollar amid the less dovish stance of theFederal Reserve and strong University of Michigan sentiment data.
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.
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