AUD/USD Slips Below 0.70 as RBA Hike Fails to Boost Aussie

The Australian Dollar (AUD) fell below the 0.70 threshold against the US Dollar (USD), despite the Reserve Bank of Australia's (RBA) rate hike to 4.60%.

RBA Governor Michele Bullock hinted that policy may already be restrictive enough for inflation, which contributed to the AUD/USD pair breaking below 0.7000.

The Federal Reserve's (Fed) hawkish tone and elevated US Treasury yields also put pressure on the Aussie Dollar.

According to data from the Conference Board (CB), Consumer Sentiment fell sharply to its lowest level since early 2014, reaching 81.9 beneath forecasts of 89.0.