When is the RBA Interest Rate Decision and how could it affect AUD/USD? AUDUSD RBA CentralBanks InterestRate EconomicIndicator
The Reserve Bank of Australia is set to announce the fifth straight rate hike this Tuesday at 04:30 GMT. The central bank is widely expected to raise the Official Cash Rate by 50 bps from 2.35% to 2.85%.
Therefore, a 25 bps rate hike decision by the RBA may not come as much of a surprise, as most major central banks are turning cautious amid growing recession fears and surging energy costs. Dwindling demand from China also remains a major concern for Australia. China is the island nation’s closest trading partner.At the time of writing, AUD/USD is trading on the back foot around 0.6500, reversing Monday’s rebound to near 0.6520.
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