The Australian Dollar (AUD) continues to rise against the US Dollar, supported by recent labor data indicating strong wage growth in Australia. The Reserve Bank of Australia (RBA) has adopted a hawkish stance, ruling out rate cuts in the near future and emphasizing its cautious approach towards inflation risks.
With the US Dollar weakening after disappointing Producer Price Index (PPI) data, the AUD/USD pair is poised for further gains. Traders are now focused on upcoming data releases, including Consumer Inflation Expectations and Employment figures from Australia.
Market Analysis: RBA’s Hawkish Outlook Boosts Australian Dollar
- Atlanta Fed President’s confidence in achieving inflation target strengthens US Dollar
- US PPI data falls short of expectations, putting pressure on the Dollar
- Westpac revises RBA rate cut forecast, showing increased caution
Technical Analysis: AUD/USD Approaching Key Resistance Level
Technical analysis suggests that the AUD/USD pair is nearing a critical resistance level at 0.6675. A breakout above this level could lead to a retest of the six-month high at 0.6798. On the downside, support levels are identified at 0.6587 and 0.6575.
AUD/USD: Daily Chart
Australian Dollar PRICE Today
Check out the percentage change of the Australian Dollar (AUD) against major currencies today. AUD was strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.12% | -0.07% | -0.06% | 0.12% | 0.12% | 0.00% | 0.19% | 0.11% |
| EUR | -0.00% | 0.00% | -0.03% | 0.03% | 0.00% | -0.07% | 0.12% | 0.01% |
| GBP | 0.02% | 0.03% | 0.00% | 0.08% | 0.05% | -0.06% | 0.16% | 0.07% |
| JPY | -0.01% | -0.03% | -0.08% | 0.00% | 0.00% | -0.12% | 0.09% | 0.04% |
| CAD | -0.02% | 0.00% | -0.05% | -0.00% | 0.00% | -0.12% | 0.11% | 0.03% |
RBA FAQs
- Learn about the Reserve Bank of Australia’s role in setting interest rates and managing monetary policy
- Understand how macroeconomic data impacts the value of the Australian Dollar
- Explore the concepts of Quantitative Easing and Tightening and their effects on the AUD