AUD/USD Analysis: Aussie Weakens After RBA Decision
Following its decision on 7th May, the Reserve Bank of Australia (RBA) opted to maintain the interest rate at 4.35%, despite inflation continuing to decrease at a slower pace than anticipated by the RBA.
"I think we still think they’re reasonably balanced with perhaps a little bit of a signal that we need to be very watchful on the upside," RBA governor Michele Bullock said.
According to The Guardian, the absence of more aggressive language led to a decline in the Australian dollar.
Specifically, on the morning of 8th May, the AUD/USD rate fell below the 0.657 level, whereas on 7th May, the rate was at 0.664 - a decrease of approximately 1.3% in 30 hours.
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