Forex
AUD/USD Flat Ahead of RBA Interest Rate Decision
The Australian Dollar has been trading flat above 0.7050 against the US Dollar, remaining close to its June 16 peak as traders wait for the Reserve Bank of Australia's interest rate decision on Tuesday.
Auditors at Rabobank note that the RBA may be inclined to pause and assess the impact of tightening already in place, despite three rate increases delivered since the start of the year.
The AUD/USD pair is in a bullish consolidation phase ahead of the crucial RBA meeting on Tuesday, with analysts cautious about whether the three hikes delivered are enough to mop up excess demand in the Australian economy.