Australian Dollar maintains position with a positive sentiment due to the hawkish RBA
The post Australian Dollar maintains position with a positive sentiment due to the hawkish RBA appeared on BitcoinEthereumNews.com.
The Australian Dollar may advance its gains as RBA Minutes indicated current cash rates for longer. RBA’s August Meeting Minutes suggested that a rate cut is unlikely soon. The US Dollar may receive support from caution ahead of the FOMC Minutes release on Wednesday. The Australian Dollar (AUD) holds ground, aiming to extend its gains against the US Dollar (USD) on Wednesday. The strength of the AUD/USD pair is reinforced after the Reserve Bank of Australia’s (RBA) August Meeting Minutes indicated that the cash rate may remain unchanged for an extended period. The RBA Minutes also showed that the board had considered a rate hike earlier this month before ultimately deciding that maintaining current rates would better balance the risks. Additionally, RBA members agreed that a rate cut is unlikely in the near future. The US Dollar (USD) attempts to halt its losing streak as traders turn cautious ahead of the release of the FOMC Minutes on Wednesday. Furthermore, traders await Fed Chair Jerome Powell’s upcoming speech at Jackson Hole on Friday. Daily Digest Market Movers: Australian Dollar remains solid following RBA Minutes Federal Reserve (Fed) Governor Michelle Bowman expressed caution on Tuesday about making any policy changes, citing ongoing upside risks to inflation. Bowman warned that overreacting to individual data points could undermine the progress already achieved, according to Reuters. China is exploring a new approach to bolster its ailing real estate market by permitting local governments to use special bonds to purchase unsold properties. Local authorities have already utilized more than half of this year’s CNY 3.9 trillion ($546 billion) bond allocation, and it’s unclear how much of the remaining funds could be redirected toward home purchases if the plan is implemented, according to Bloomberg. The People’s Bank of China (PBoC) kept its one-year and five-year Loan Prime…
Filed under: News - @ August 21, 2024 2:17 am