AUD/USD portrays the pre-event anxiety as it stays defensive around the mid-0.6400s during the early hours of Tuesday’s Asian session. In doing so, th
e Aussie pair fails to extend the week-start gains backed by headlines from China, as well as surrounding Country Garden, as market players braces for the key Reserve Bank of Australia Interest Rate Decision. The event becomes more important as it is the last ruling frombefore he hands over the control to Michele Bullock. Apart from the RBA, China Caixin Services PMI and the US Factory Orders also become important to watch for clear directions.
Further, the market’s bets on the Federal Reserve’s status quo in September contrasts with a recent improvement in the odds favoring a rate hike during late 2023 seems to prod the AUDUSD Price even as the US Dollar remains depressed. That said, Federal Reserve Bank of Cleveland President Loretta J. Mester defended the US central bank’s hawkish move and ruled out the rate cut bias in her speech on Friday.
. However, the cautious mood ahead of the RBA Interest Rate Decision and tomorrow’s Australia Q2 Gross Domestic Product challenge the pair traders.
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