Aussie is losing its bullish potential, but it all depends on the RBA AUD AUDUSD $AUD $AUDUSD
The Reserve Bank of Australia is expected to lift the cash rate for the second month in a row.AUD/USD is losing its bullish potential, but it all depends on the RBA.pair advanced throughout the first half of the day but ended it in the red at around 0.7200. The pair surged to 0.7231 during Asian trading hours, helped by news that Beijing continues re-opening after the coronavirus-related lockdown, fueling hopes the economy will soon start recovering.
Ahead of the event, market participants are split on whether the central bank will pull the trigger by another 25 bps or if it will go with a 40 bps upswing. Nevertheless, the central bank is widely anticipated to pull the trigger. A 25 bps hike has been already priced in, which means the pair’s direction could be set by a larger or smaller hike. Speculative interest will also keep an eye on the RBA Statement and any hint of what’s coming up next on monetary policy.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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