The Australian dollar resumed its downward path after a sluggish start to the week, retreating to the area of multi-day lows in the sub-0.6500 region on Wednesday.
AUD/USD resumed the downward bias and breached 0.6500. Extra pullbacks could shift the attention to the 2024 low near 0.6450. Inflation in January remained sticky around 3.4%. This sharp downtick in AUD/USD occurred in response to a noticeable rebound in the Greenback, which lifted the USD Index back above the 104.00 hurdle despite the move lower in US yields.
Concerning the Reserve Bank of Australia , the cautious stance of the central bank is expected to mitigate significant downward pressure on the Australian dollar, as it is among the latest G10 central banks to begin the process of interest rate cuts. Regarding the RBA, its Monthly CPI Indicator showed consumer prices rose by 3.4% in January, matching December’s uptick.
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