AUD/USD rally stalls around the 0.6520s area as traders brace for the Reserve Bank of Australia (RBA) monetary policy meeting later during Tuesday’s Asian session at 03:30 GMT.
AUD/USD sees a halt in its rally in anticipation of the RBA's potential rate hike. Major Australian banks forecasting an increase from 4.10% to 4.35%. Inflationary pressures and strong retail sales figures bolster the case for further tightening by the RBA. RBA officials' hawkish comments have primed markets for a rate adjustment, adding to the upward pressure on the Aussie. The rise in US Treasury bond yields, contrary to Aussie’s, was the main reason behind the pair's 0.
Comments from RBA officials, namely Christopher Kent saying the board “may need to raise interest rates in the future to bring inflation down,” alongside RBA’s Governor Michele Bullock suggesting that the RBA board would not hesitate to hike rates “if there is a material upward revision to the inflation outlook,” had further cemented the likelihood of an adjustment in rates.
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