The AUD/USD pair retreated slightly even after the Reserve Bank of Australia (RBA) delivered a more hawkish interest rate hike than expected.
AdvertisementIn 2021, the RBA assured investors that its highly accommodative policy would continue until at least 2023. At the time, most analysts believed that the bank was missing the point on inflation, which pushed the Australian dollar sharply higher against the US dollar.
The RBA also signaled that it will keep hiking interest rates this year as it warned that inflation could soar to over 65 this uear. This inflation estimate was double what the bank was hinting at before. Data published recently showed that the headline CPI rose to 5.1% in the first-quarter while core CPI increased by 3.7%.
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