RBA Keeps Interest Rates Unchanged Amid Ongoing Global Tensions
The Reserve Bank of Australia (RBA) kept interest rates unchanged at 4.35% during its monetary policy meeting, as expected by analysts. The decision was unanimous, with members of the RBA Board signaling that inflationary pressures persist due to ongoing global tensions.
The Australian economy has shown resilience, but the unemployment rate increased to 4.40% in June, reflecting a trend over the past three years. Year-on-year inflation stood at 3.80% in June, down from its peak of 4.6% in March but still above the RBA's target band.
The AUD/USD pair appreciated marginally by 0.08% to $0.7059 after the announcement, reflecting market caution ahead of key US inflation data scheduled for release on Wednesday. From a technical perspective, the AUD/USD pair remains in a bullish trajectory, underpinned by interest rate differentials.