AUD/USD Stuck Near 0.7000 Ahead of RBA Rate Decision
The Australian dollar held steady just above 0.7000 on Tuesday as investors awaited the Reserve Bank of Australia's (RBA) interest rate decision.
Markets expect the RBA to increase the Official Cash Rate by 25 basis points, with traders focusing on the Monetary Policy Statement and Governor Michele Bullock's guidance.
The US dollar remains strong due to expectations of another Federal Reserve interest rate hike in October, driven by energy-related inflation concerns. Geopolitical uncertainties have also contributed to the USD's two-month high, limiting any upside for AUD/USD.