The Australian Dollar (AUD) experienced a mild correction against the USD in Monday's session, declining to 0.6760.
AUD/USD shows a slight decrease on Monday but retains January highs near 0.6800. RBA's hawkish stance and potential rate hike add momentum to AUD. Australian labor data will dictate the short-term dynamics. The Australian Dollar experienced a mild correction against the USD in Monday's session, declining to 0.6760. After a four-day winning streak, the AUD adjusted its gains albeit the underlying fundamental factors hint at a possible continuation in the upward trend.
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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