AUD/USD Maintains Position Near 0.6570, Focus On The RBA Decision

Colorful Australian Dollars Money Background — Stock Photo, Image

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AUD/USD snaps its two-day losing streak, advancing to near 0.6570 during the European session on Monday. The pair found upward support as the US Dollar (USD) retreated amid lower US Treasury yields. However, caution prevails among market participants ahead of the Reserve Bank of Australia's (RBA) policy decision scheduled for Tuesday.

The US Dollar Index (DXY) is hovering around 103.40, with the 2-year and 10-year US Treasury yields at 4.71% and 4.29%, respectively, by the press time. On Friday, increases in US yields, were driven by a hawkish sentiment surrounding the Federal Reserve. The Fed is anticipated to uphold its elevated interest rates at Wednesday’s meeting in response to recent inflationary pressures.

The Australian Dollar (AUD) might have received upward support as the S&P/ASX 200 Index recovered from its losses, although the Australian equity market faced challenges during Asian hours due to softer commodity prices.

According to Bloomberg, Westpac anticipates the Reserve Bank of Australia to maintain its cash rate at 4.35% at Tuesday's meeting. RBA Governor Michele Bullock recently highlighted that inflation in Australia is primarily "homegrown" and "demand-driven," attributed to the strength of the labor market and increasing wage inflation. The RBA does not foresee this phenomenon occurring until 2026.

Additionally, investors also await interest rate decisions from both the People's Bank of China (PBoC). Chinese Retail Sales (YoY) increased by 5.5% in February, surpassing expectations of 5.2% and the previous reading of 7.4%. Additionally, Chinese Industrial Production (YoY) rose by 7.0%, compared to the market expectation of a 5.0% figure in February and the previous reading of 6.8%.



Today last price 0.6572
Today Daily Change 0.0011
Today Daily Change % 0.17
Today daily open 0.6561


Daily SMA20 0.6559
Daily SMA50 0.6569
Daily SMA100 0.6586
Daily SMA200 0.6561


Previous Daily High 0.6584
Previous Daily Low 0.6552
Previous Weekly High 0.6639
Previous Weekly Low 0.6552
Previous Monthly High 0.661
Previous Monthly Low 0.6443
Daily Fibonacci 38.2% 0.6564
Daily Fibonacci 61.8% 0.6572
Daily Pivot Point S1 0.6548
Daily Pivot Point S2 0.6534
Daily Pivot Point S3 0.6516
Daily Pivot Point R1 0.658
Daily Pivot Point R2 0.6598
Daily Pivot Point R3 0.6612

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