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Market News AUD/USD is hesitant to make a move as it hangs at 0.6900

AUD/USD is hesitant to make a move as it hangs at 0.6900

The AUD/USD exchange rate is positive at 0.6900. RBA confidence has supported the Australian dollar so far this week. AUD/USD has been stabilizing around 0.6900 for the most of the New York trading day and the beginning of Asia. On Tuesday, the pair rose due to the weakening of the US dollar, but the day's high of 0.6912 put an end to the rally.

Alina Haynes
2022-07-20
537

 截屏2022-07-20 上午10.04.27.png

 

The governor of the Reserve Bank of Australia, Phillip Lowe, is currently speaking and he predicts that the cash rate will be increased in the next months. Traders are searching for any indication of a 75bp boost from the governor, but so far in the speech there has been no reference of an increase of this scale, and the AUD/USD exchange rate is stuck at 0.69.

 

The Australian dollar rose on Tuesday as the RBA indicated in its minutes that it is poised for more monetary tightening to add to its recent unexpectedly big rate rise, as officials promised to remain steadfast in their fight against skyrocketing inflation. The board stated that current interest rates were "still relatively low for an economy with a tight labor market and approaching an inflationary phase."

 

The governor mentioned the new employment figures that were revealed last week. This indicated that Australia's net employment increased by 88,400 in June from May, roughly three times the market prediction of a 30,000 gain, while the unemployment rate fell to a 48-year low of 3.5%. In conjunction with growing global inflation threats, the Australian dollar is expected to strengthen.


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