The AUD/USD pair has arrested its descent, attracting market attention.
The Australian dollar, in tandem with the US dollar, has put a halt to its downward trend, with the current AUD/USD exchange rate at 0.6486.
This morning, Australia released employment market statistics, revealing relatively lackluster results. Such data substantiates rather subdued expectations for the country’s monetary policy outlook.
In January, the unemployment rate climbed to 4.1%. Employment experienced a modest increase of just 500 jobs, falling significantly short of economists’ projections of a 30,000-job upswing.
The Reserve Bank of Australia is anticipated to implement a 40-basis-point interest rate reduction this year, with the initial move expected in August. Michelle Bullock, the RBA’s governor, had previously emphasized the necessity of bringing inflation down to 2.5% before contemplating any interest rate adjustments.
As of now, the Aussie remains under pressure from the robust US dollar.
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