The post Australian Dollar extends upside on RBA hawkish hold appeared on BitcoinEthereumNews.com.

Australian Dollar (AUD) trades on a stronger note on Wednesday amid the weaker US Dollar.  The hawkish messages from the RBA and weaker-than-expected US Retail Sales data support the pair.  US markets are closed for Juneteenth; US S&P Global PMI reports will be in the spotlight on Friday.  The Australian Dollar (AUD) gains momentum on Wednesday, backed by the hawkish hold by the Reserve Bank of Australia (RBA) at its June meeting. The markets have pushed back RBA rate cut expectations and see the start of the easing cycle in 2025, which continues to boost the Aussie. Furthermore, weaker-than-expected Retail Sales prompted the case for US Federal Reserve (Fed) rate cuts later this year, which undermine the Greenback across the board.  The US markets will be closed on Wednesday due to Juneteenth National Independence Day. Investors will focus on the US S&P Global Manufacturing and Services PMI reports at the end of the week. Any signs of expanding US business activity could lift the US Dollar (USD) and cap the upside for the pair.   Daily Digest Market Movers: Australian Dollar extends upside due to RBA’s hawkish hold and weaker US data The Reserve Bank of Australia (RBA) held the Official Cash Rate (OCR) steady at 4.35% for the fifth meeting in a row at its June meeting. It marks the longest on-hold period since May 2022, when the rate hike cycle began. The RBA board noted in a statement that “the economic outlook remains uncertain and recent data have demonstrated that the process of returning inflation to target is unlikely to be smooth.”  It would be some time yet before inflation is sustainably in the target range and the recent data had reinforced the need to remain vigilant to upside risks to inflation, according to a statement.  The US Retail Sales increased…

---

Filed under: News - @ June 19, 2024 3:18 am