The selling pressure remained well and sound around to the US Dollar (USD) on Tuesday, prompting AUD/USD to extend its weekly recovery and climb above 0.6600 the figure, reaching fresh two-week highs.
AUD/USD added to Monday’s uptick and rose to multi-day highs past 0.6600. The US Dollar retreated further and reached two-week lows. The RBA left its OCR unchanged at 4.35%, as widely anticipated. The selling pressure remained well and sound around to the US Dollar on Tuesday, prompting AUD/USD to extend its weekly recovery and climb above 0.6600 the figure, reaching fresh two-week highs. Indeed, the pair briefly managed to trespass the key 200-day Simple Moving Average near 0.
The bank’s updated forecasts, to be detailed in the upcoming Statement on Monetary Policy, still predict that trimmed-mean inflation will reach the middle of its 2-3% target band by December 2026, despite downgraded growth projections across the board. At her press conference, Governor Michelle Bullock struck a balanced tone. She mentioned that the Board hadn’t explicitly discussed scenarios for raising or cutting rates and emphasised that she believed the current settings were appropriate.
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