AUD/USD ends week lower, pressured by RBA’s stance and Powell’s hawkish posture

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• AUD/USD declined 0.12% for the day, marking a significant weekly drop from 0.6522 to 0.6338.
• The RBA’s 25 bps rate hike under new Governor Michele Bullock’s leadership fails to provide a bullish impetus for the Aussie.
• Jerome Powell’s hawkish tone on US monetary policy adds to the AUD’s woes, with China’s economic slowdown posing additional risks.

The AUD/USD dropped 0.12% daily and extended its substantial losses during the week, which has witnessed the pair traveling from a weekly high of 0.6522 toward a low of 0.6338. At the time of writing, the pair trades at 0.6358.