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Australian dollar slips under 0.7000 after RBA decision
AUD/USD was around 0.6990, after initially climbing toward 0.7030 and then reversing, with the RBA raising its cash rate by 25 bps to 4.60%.
AUD/USD traded near 0.6990 on Tuesday, down 0.39% on the day after the Australian dollar failed to hold an early bounce following the Reserve Bank of Australia’s monetary policy decision, according to FXStreet.
The pair first moved higher toward 0.7030, then reversed and fell to as low as the 0.6980 area.
FXStreet reported the RBA raised its Cash Rate by 25 basis points to 4.60%, described as its highest level in around 15 years, in a unanimous decision that left a message that inflation remains too high.
The outlet said investors shifted attention to RBA Governor Michele Bullock’s press conference, where she noted the board had considered both a 25-bps increase and leaving rates unchanged and suggested further tightening might not be required if inflation eases.