The Australian Dollar (AUD) witnessed sizable gains against the US Dollar (USD) following Tuesday’s Reserve Bank of Australia (RBA) meeting, which concluded with a hawkish hold.
AUD/USD recovered much of its previous losses in Tuesday’s session, following RBA decision. USD started the week softly, and its declines extended following weak Retail Sales figures. If the Fed and RBA policies diverge, the Aussie might see further gains. The Australia n Dollar witnessed sizable gains against the US Dollar following Tuesday’s Reserve Bank of Australia meeting, which concluded with a hawkish hold.
Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. 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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