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AUD/USD slips back below 0.7000 after RBA rate hike

The Australian Dollar tested the 200-day moving average near 0.7030 as traders weighed Governor Michele Bullock’s cautious remarks on how restrictive policy is.

Reported · Written up by our desk · Major Pairs

The Australian Dollar fell back below 0.7000 versus the US Dollar, with FXStreet citing MUFG comments that AUD was testing the 200-day moving average near 0.7030.

FXStreet said the move followed a press conference from Reserve Bank of Australia Governor Michele Bullock after the RBA’s fourth rate hike of the year.

The report noted the cash rate was lifted to 4.60% and that Bullock’s remarks on whether policy is restrictive enough tempered expectations for further tightening.

FXStreet also said AUD/USD reversed a brief uptick to hit nine-week lows below 0.7000 in European trading as traders digested those comments.

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