Australian Dollar Rises After Hawkish RBA Hold, Eyes on Fed
The Australian Dollar strengthened against the US Dollar on Tuesday after the Reserve Bank of Australia held rates steady with a hawkish tone, with AUD/USD trading around 0.7070.
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The Reserve Bank of Australia kept its key interest rate unchanged at its June meeting, but struck a more hawkish stance than expected. This prompted the Australian Dollar to recover from an intraday low and push AUD/USD to near the 0.7070 level.
Market participants now turn their attention to the Federal Reserve's upcoming policy decision. Any shift in the Fed's tone could influence the pair's next directional move.
Source: FXStreet Forex News