AUD/USD lacks strength for a decisive move above 0.6680 despite hawkish RBA commentary – by Sagar_Dua24 AUDUSD RBA Fed GDP DollarIndex
On Tuesday, RBA Governor Philip Lower raised its Official Cash Rate surprisingly by 25 basis points to 4.10%. RBA’s Lowe cited that despite Australian inflation having peaked now but is extremely far from the desired rate. Therefore, RBA’s Lowe announced that more interest rate hikes are appropriate to keep pressure on inflation. rebounded to 6.8% in April from the 6.4% figure recorded for March.
In the Asian session, the Australian Bureau of Statistics reported weaker-than-anticipated Q1 Gross Domestic Product data. Quarterly GDP was expanded by 0.2% while the street was anticipating an expansion of 0.3%, which was revised lower from the prior print of 0.6%. On an annual basis, Q1 GDP dropped to 2.3% vs. the estimates of 2.4% and the former release of 2.6%.
Post the release of Australia’s Q1 GDP data, Australian Treasurer Jim Chalmers said that “rising interestMeanwhile, S&P500 futures have surrendered gains generated in Asia, portraying a decline in theof the market participants. The USD Index has extended its recovery to near 104.26 despite the street being mixed about Federal Reserve’s policy stance for June monetary policy.
Going forward, United States Goods and Services Trade Balance will remain in focus. The economic data is expected to show a wider deficit of $75.2B vs. the prior deficit of $64.2B.
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