AUD/USD: RBA hike fails to lift Aussie – MUFG
Lee Hardman at MUFG highlights that the Australian Dollar has slipped back below 0.7000 against the US Dollar, testing the 200-day moving average near 0.7030.
The Australian Dollar has fallen below the 0.7000 mark against the US Dollar following the Reserve Bank of Australia's (RBA) fourth rate hike this year to 4.60%. Despite the hike, Governor Michele Bullock's comments during the press conference that four rate hikes may be sufficient to control inflation have dampened expectations for further tightening.
The AUD has slipped to test the 200-day moving average near 0.7030, located at 0.7030. The RBA has assured that they will continue to take measures to bring inflation back to target, including further rate hikes if necessary.
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