- AUD/USD holds positive ground around 0.6615 amid the softer US Dollar on Tuesday.
- The RBA is anticipated to keep rates steady at 4.35% at its June meeting on Tuesday.
- The hawkish tones of the Fed officials might cap the upside for the pair in the near term.
The AUD/USD pair snaps the three-day losing streak near 0.6615 on Tuesday during the early Asian session. The weaker US Dollar (USD) provides some support to the pair. Investors will closely monitor the Reserve Bank of Australia (RBA) interest rate decision and Governor Michele Bullock’s press conference.
The RBA is likely to keep the Official Cash Rate (OCR) unchanged at 4.35% for the fifth consecutive meeting in June. The stubbornly high inflation in Australia prompted the expectation that the RBA might delay the interest rate cut. If the RBA delivers a hawkish message after the policy meeting, this could lift the Australian Dollar (AUD) and create a tailwind for the pair. However, the failure to affirm the hawkish expectations could attract some sellers to the Aussie.
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