The AUD/USD pair revisits more than a week high of 0.6620 in European trading hours on Tuesday.
AUD/USD jumps strongly to near 0.6620 as the RBA favors hawkish guidance on interest rates due to persistent inflation risks. Investors await the US presidential elections and the Fed ’s policy meeting. Traders expect a tough competition between Kamala Harris and Donald Trump. The Aussie pair gains as the Australian Dollar strengthens after the Reserve Bank of Australia delivers a hawkish interest rate guidance, while leaving its Official Cash Rate unchanged at 4.
The central bank added that underlying inflation still remained “too high.” Meanwhile, the outlook of the Aussie pair is expected to be guided by United States presidential elections for which traders are uncertain about the likely winner between Republican candidate Donald Trump and Democratic rival Kamala Harris. Trump’s victory is expected to be unfavorable for the Australian Dollar as he vowed to raise tariffs by upto 60% on China if he wins.
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