The upward momentum of the Australian dollar paused as it faced selling pressure upon approaching the key 0.6600 hurdle vs.
AUD/USD’s upside momentum faltered ahead of 0.6600. Extra gains appear on the cards above the 200-day SMA. Australian flash PMIs came in mixed for the month of February. its American counterpart on Thursday. In fact, the pair reversed six consecutive sessions of gains on the back of the tepid rebound in the Greenback, which was reinvigorated once again after further signs of tightness in the US labour market, this time via firm prints from weekly Initial Jobless Claims.
Back to the RBA, the central bank released the Minutes of its February meeting on Tuesday, characterized as a hawkish hold. The minutes disclosed discussions on whether to raise the cash rate by 25 basis points or maintain it at the current level. Ultimately, the decision was to keep the rate unchanged at 4.35%, citing a reduced risk of inflation deviating from the Board's target in a timely manner.
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