The Australian Dollar (AUD) moves below a major level, extending the losses for the third successive day following the dovish rate statement by the Reserve Bank of Australia (RBA).
Australian Dollar drops as RBA is not certain of further policy tightening. National Australia Bank forecasts another 25 basis points hike in February.
Governor Yi Gang mentioned achieving the 5% growth target successfully. Additionally, the AUD/USD pair faces a challenge due to the rebound in US Dollar . Australia's central bank adopts a data-dependent approach, particularly as the Australian economy faces a slowdown. Consumer spending has remained subdued amid persistent inflation risks. Market participants seek more cues on whether forthcoming data will prompt additional rate hikes by the Reserve Bank of Australia .
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