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The AUD/USD pair has resumed its downward trajectory following the RBA meeting.

The Australian dollar, coupled with the US dollar, has once again entered a declining phase just days after the Reserve Bank of Australia's (RBA) meeting. The present AUD/USD exchange rate is recorded at 0.6492.

Consequently, the AUD has now descended to its lowest point in 12 weeks against the US dollar. This shift unfolded shortly after the conclusion of the RBA meeting, and investors are still evaluating the remarks made by the central bank's manager.

Michele Bullock, the Chairperson of the RBA, previously stated that waiting for inflation to drop to 2.5% was unnecessary before initiating an interest rate cut. In practice, the central bank appears ready to reduce borrowing costs, although the sentiment following the official meeting suggested otherwise.

The market is anticipating a 75-basis-point reduction in interest rates within the year.

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The post AUD Shows Signs of Weakness: Overview for February 09, 2024 appeared first at R Blog - RoboForex.

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By: Anna Rostova
Title: AUD Shows Signs of Weakness: Overview for February 09, 2024
Sourced From: blog.roboforex.com/blog/2024/02/09/aud-shows-signs-of-weakness-overview-for-february-09-2024/
Published Date: Fri, 09 Feb 2024 09:07:24 +0000

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