AUD Slips as Traders Await RBA's Tuesday Decision

The Australian dollar declined slightly at the start of the week after six weeks of gains. The AUD lost 0.1% to $0.7063, following a 0.6% rise on Friday that took it to a seven-week high of $0.7078.

This increase comes despite uncertainty about how hawkish policymakers will sound at the central bank's policy meeting on Tuesday. The Reserve Bank of Australia (RBA) is expected to keep interest rates unchanged, but traders are waiting with bated breath for any signals from the bank.

The Aussie has been rising steadily since the start of the year, with gains for the second half thus far reaching a solid 2.5%. Bulls remain optimistic, eyeing recent tops of $0.7089 and 72 cents as potential targets.