The AUD/USD pair rebounds sharply after correcting to near 0.6630 in Tuesday’s American session.
AUD/USD bounces back as the US Dollar gives await its entire intraday gains. The market mood remains uncertain ahead of Fed Powell’s speech. RBA officials considered further policy-tightening in June but ended keeping interest rates unchanged. The Aussie asset recovers as the US Dollar gives away its entire gains generated due to uncertainty ahead of the Fed eral Reserve Chair Jerome Powell’s speech scheduled at 13:30 GMT.
Meanwhile, the Australian Dollar is broadly under pressure even though Reserve Bank of Australia minutes for the June meeting were hawkish. Policymakers considered raising interest rates further due to stubbornly higher inflation but ended keeping the Official Cash Rate unchanged at 4.35%. Currently investors expect that the RBA would choose the April 2025 as the earliest point to start lowering interest rates.
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