AUD/USD is initiating a reversal of its short-term trend.
On Friday, the Australian dollar, in tandem with the US dollar, is on an upward trajectory. The current AUD/USD exchange rate is at 0.6587.
Over the past two days, the risk interest factor among investors in the global currency market has favored the Aussie. Additionally, the AUD has gained from the local decline in the US dollar.
The market is actively assessing the recently released Australian inflation data. In Q4 2023, the consumer price index rose by 4.1% year-on-year, compared to 5.4% in the previous quarter. Monthly inflation slowed to 3.4% in December from 4.3% in November.
The Reserve Bank of Australia is set to convene next week, with expectations for the interest rate to remain unchanged. However, investors perceive conditions that could lead to a reduction in the cost of borrowing by June.
The post AUD Gears Up for Growth: Overview for February 02, 2024 appeared first at R Blog – RoboForex.