Australia Interest Rate Preview: RBA expected to deliver a hawkish hold

Interest rate in Australia is expected to remain unchanged in August.

Reserve Bank of Australia Governor Michele Bullock speech could shed light on the Board's path. The Australian Dollar under pressure ahead of the verdict. The Reserve Bank of Australia will announce its monetary policy decision on Tuesday, August 6. The central bank is expected to maintain the Official Cash Rate unchanged at 4.35% amid stubbornly high inflation.

However, the accumulative 350 pips slump and the expected hawkish hold from the RBA could help the pair correct higher. The immediate resistance level is the 0.6500 - 0.6520 price zone, with gains beyond the latter unlikely unless a hawkish surprise. In such a scenario, AUD/USD could surge towards 0.6570.” Bednarik adds: “A break through the 0.6400 mark should lead to a retest of the aforementioned low at 0.

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