RBA Rate Hike Fails to Boost Aussie Dollar

The Reserve Bank of Australia (RBA) raised its cash rate by 25 basis points to 4.60% overnight, but surprisingly, this move did not have a significant impact on the Australian dollar.

In fact, the AUDUSD is near 0.6999, down 0.21%, making it the weakest of the major currencies against the U.S. dollar.

The RBA emphasized that future decisions will depend on the data and evolving outlook, leaving the door open to another hike if needed.

The dollar is higher against six of the seven major currencies, with NZDUSD down 0.19% near 0.5653, EURUSD down 0.18% near 1.1349, and GBPUSD down 0.10% near 1.3239.