Australian Dollar rises sharply on RBA’s hawkishness, USD weakness

The AUD/USD pair surged higher on Thursday, rising by 0.90% to 0.6890.

AUD/USD surges higher amidpositive Australian economic data. Monetary policy divergence continues to favor the Aussie. Focus shifts to US PCE data, which may influence market expectations for Fed rate cuts in November. The Australian Dollar strengthened after the release of positive economic data and the hawkish stance of the Reserve Bank of Australia this week. Meanwhile, the US Dollar weakened as markets are hoping for a larger cut by the Federal Reserve in November.

Market sentiment – whether investors are taking on more risky assets or seeking safe-havens – is also a factor, with risk-on positive for AUD. How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia influences the Australian Dollar by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole.

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