Australian Dollar sticks to cautious RBA-led losses; struggles near two-week low vs Yen
The AUD/JPY cross attracts fresh sellers following the post-Reserve Bank of Australia (RBA) uptick to the 110.70 region and drops to an over two-week low during the early part of the European session on Tuesday.
On Tuesday, the Australian Dollar (AUD) experienced a decline as it reached a two-week low against the Japanese Yen (JPY), trading just below the psychologically significant 110.00 mark. This downturn occurred despite the Reserve Bank of Australia (RBA) raising interest rates by 25 basis points (bps), a move that was already anticipated by the market.
RBA Governor Michele Bullock's cautious comments during the post-meeting press conference failed to reassure traders about potential further rate hikes, which contributed to the AUD's downward trajectory. Meanwhile, Japan's top currency diplomat Atsushi Mimura and Finance Minister Satsuki Katayama cautioned the market about the implications of a joint US-Japan message on FX depreciation.
The Australian Dollar also showed strength against the New Zealand Dollar, but the overall trend pointed to a potential downward path for the AUD/JPY cross.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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