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Australian Dollar Gains Near Two-Week Highs on RBA’s Hawkish Stance. The Australian dollar appreciated to around $0.655, nearing two-week highs after Reserve Bank of Australia (RBA) Governor Michele Bullock stated that the central bank will not hesitate to raise interest rates again to combat inflation.
Bullock highlighted the high uncertainty in Australia’s economic outlook and emphasized the need for the RBA board to remain vigilant about upside risks to inflation. Her comments came just days after the RBA held the cash rate steady at 4.35% for the sixth consecutive meeting, as widely expected by the market.
Despite the hold on rates, the central bank warned that inflation remains too high, indicating that no rate cut is likely in the near term. The RBA pointed to a stronger outlook for domestic demand, driven by increased public spending and a recovery in household consumption.
Externally, the Australian dollar received additional support from expectations that the Federal Reserve will cut rates more aggressively in the coming months due to signs of weakness in the US economy. This anticipated divergence in monetary policy between the US and Australia has buoyed the aussie, further enhancing its appeal to investors.
The combination of a hawkish stance from the RBA and the potential for more dovish actions from the Federal Reserve has created a favorable environment for the Australian dollar. Investors will be closely watching upcoming economic data and central bank announcements to gauge the future direction of both currencies.
Overall, the Australian dollar’s recent gains reflect a mix of strong domestic fundamentals and favorable external conditions, positioning it for continued strength in the short term.
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