AUD/USD tumbles to near 0.6460 as RBA ditches 50 bps rate hike pattern – by Sagar_Dua24 AUDUSD RBA PMI NFP InterestRate
The extent of the 25 bps rate hike by the RBA is less than the projections of 50 bps.The AUD/USD pair
as the Reserve Bank of Australia has hiked its Official Cash Rate by 25 basis points . The extent of the rate hike is less than the projections of institutional investors. This has pushed the OCR to 2.6%. After the announcement of a rate hike of 25 bps, the RBA has inched more towards its target rate of 3.85%. No doubt, the market participants were in favor of hiking the interest rate by 50 bps but a quarter-to-a-percent rate hike was also in the preferred list. RBAalso cited the option of 25 bps in the discussion list, as drafted in RBA monetary policy minutes.
Meanwhile, the US dollar index is eyeing more weakness below the immediate cushion of 111.50. The vulnerable performance of the DXY banks upon the poor reading of the US ISM Manufacturing PMI for August month. The economic PMI data declined to 50.9 vs. the expectations of 52.2 and the prior release of 52.8. Also, the US ISM New Orders Index that illustrates the forward demand landed significantly lower to 47.1 against the projections of 49.6 and the former figure of 51.3.
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