The Australian Dollar begins the Asian session, clocking minuscule losses of 0.02% against the US Dollar as market participants prepare for the Reserve Bank of Australia (RBA) monetary policy decision.
AUD/USD sees slight decline as markets gear up for the Reserve Bank of Australia's upcoming rate decision. US Treasury yields rise, boosting the Dollar, as anticipation builds for the Federal Reserve's policy announcement. The RBA is expected to hold rates unchanged amid mixed opinions among economists on the central bank's first rate cut. The Australian Dollar begins the Asian session, clocking minuscule losses of 0.
The RBA’s primary mandate is to maintain price stability, which means an inflation rate of 2-3%, but also “..to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people.” Its main tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will strengthen the Australian Dollar and vice versa. Other RBA tools include quantitative easing and tightening.
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