The AUD/USD pair continues its upward trajectory, maintaining momentum.
The Australian dollar, in tandem with the US dollar, has extended its rise. The current AUD/USD exchange rate is positioned at 0.6565.
The Aussie is gradually appreciating, steadily solidifying its position.
A significant contributing factor is the ongoing weakness of the US dollar, as the market anticipates the release of the Federal Reserve’s latest meeting minutes later this evening.
The minutes from the Reserve Bank of Australia’s previous meeting indicated that policymakers are still deliberating the potential for further interest rate hikes, similar to the discussions in the February meeting. Ultimately, the decision was made to uphold the existing monetary policy parameters, taking into account the slowdown in inflation within the country.
Recent statistics reveal a 4.2% year-over-year increase in wages in Australia for Q4 2023, marking the highest reading since early 2009. The RBA may interpret this data as having pro-inflationary implications.
The post AUD Gains for the Sixth Consecutive Day: Overview for February 21, 2024 appeared first at R Blog – RoboForex.