Australian Dollar holds near two-month high ahead of RBA decision
The Australian dollar traded in the mid-0.7000s on Monday, near its two-month peak of 0.7088, as markets awaited the Reserve Bank of Australia rate decision. The currency has been supported by broad US dollar weakness.
The Australian dollar held gains against the US dollar on Monday, trading in the mid-0.7000s and within reach of a two-month high at 0.7088. The move comes with the Reserve Bank of Australia's next policy decision on tap, keeping the aussie in focus.
AUD/USD has been riding a wave of US dollar weakness, as shifting expectations for Federal Reserve rate hikes weigh on the greenback. The pair’s recent momentum has brought the two-month peak back into view.
Traders will closely watch the RBA statement for any signals on future rate moves, which could determine whether the aussie can extend its advance.
Source: FXStreet Forex News