The AUD/USD pair extended its recovery momentum on Friday and rose mildly to 0.67055, with a positive risk tone and hawkish Reserve Bank of Australia (RBA) expectations due to strong local data underpinning the Aussie.
The Aussie Dollar benefits from a weaker US Dollar and strong employment data. China's economic slowdown weighs on risk sentiment and limits AUD gains. Soft housing data also weighed on the USD on Friday. The AUD/USD pair extended its recovery momentum on Friday and rose mildly to 0.67055, with a positive risk tone and hawkish Reserve Bank of Australia expectations due to strong local data underpinning the Aussie. A consolidating US Dollar also helped the pair to rise.
” Its main tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will strengthen the Australian Dollar and vice versa. Other RBA tools include quantitative easing and tightening.
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