The Australian Dollar (AUD) rose briefly post the RBA cash rate release Tuesday to 0.6830 but most of the last few days it has spent time on the backfoot with risk sentiment struggling. The RBA hiked their cash rate 50 points to 2.35% as widely predicted the 5th consecutive hike from May’s 0.10% with some considering the question- have the RBA gone too far too quickly bringing into play a closer recession? Lowe said more hikes will be required but at a slower pace. Lowe is unsure where the peak may be, incoming data should give more clues. The AUD should get relief off the 0.6700 heading into the close.
The current interbank midrate is: AUDUSD 0.6764
The interbank range this week has been: AUDUSD 0.6697- 0.6832