AUD/USD stalls ahead of Reserve Bank of Australia’s decision

• AUD/USD steady at 0.6624; focus on upcoming RBA decision, quiet US data, and UK bank holiday.
• Wall Street ends higher, driven by optimism over potential Fed rate cuts.
• ANZ analysts anticipate RBA will hold rates, possibly adopting a hawkish stance due to inflation trends.

The Australian Dollar registered minuscule gains compared to the US Dollar as traders braced for the Reserve Bank of Australia (RBA) monetary policy meeting. A scarce economic docket in the United States (US) and a bank holiday in the UK were the main drivers behind the “anemic” AUD/USD price action. At the time of writing, the pair trades at 0.6624, virtually unchanged.

Australian Dollar sees limited movement as markets anticipate key RBA monetary policy

Wall Street finished the session with gains amid an upbeat market mood due to investors’ confidence that the Federal Reserve would begin to lower rates faster than expected. Meanwhile, on Tuesday, AUD/USD traders brace for the RBA’s monetary policy decision.