The AUD/USD pair is currently trading around 0.6555, up by 0.50% on Wednesday.
AUD extends gains after RBA’s hawkish hold. Governor Bullock affirmed no immediate need for rate cuts. Investors digest Trade Balance data from China. The Australian Dollar continues to gain strength from the Reserve Bank of Australia holding rates steady on Tuesday. Governor Bullock maintained that there is no pressing need to cut rates, securing the Australian Dollar's position.
The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets or seeking safe-havens – is also a factor, with risk-on positive for AUD.
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