The Australian Dollar holds ground amid hawkish sentiment surrounding the RBA.
The PBoC maintained its current interest rate at 3.35% at August’s meeting held on Tuesday.
Fed President Neel Kashkari indicated that discussing potential US rate cuts in September is warranted.
The Australian Dollar (AUD) maintains its position with sentiment to continue its winning streak for the fourth successive day against the US Dollar (USD) on Tuesday. The AUD/USD pair may see further appreciation following the release of the Reserve Bank of Australia's (RBA) August meeting minutes, which suggest that the cash rate could remain steady for an extended period.
The Reserve Bank of Australia considered raising rates but concluded that maintaining a steady rate better balanced the risks. RBA members agreed that a rate cut is unlikely in the short term.
The People's Bank of China (PBoC) kept its Loan Prime Rates unchanged at 3.35% in August’s meeting on Tuesday. Any change in the Chinese economy may impact Australian markets as both are close trade partners.
The US Dollar (USD) continues to face downward pressure following comments from Federal Reserve (Fed) officials, which have increased the likelihood of upcoming rate cuts by the US central bank. All eyes are now on Fed Chair Jerome Powell's upcoming speech at Jackson Hole on Friday.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.