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- The Australian Dollar advances further due to hawkish sentiment surrounding the RBA.
- RBA Governor Michele Bullock does not anticipate rate cuts in the near term.
- The US Dollar depreciates as traders fully price in a quarter basis point rate cut by the Fed in September.
The Australian Dollar (AUD) extends its gains for the second consecutive day against the US Dollar (USD) on Friday. The hawkish remarks from the Reserve Bank of Australia (RBA) Governor Michele Bullock fuel the upside of the Aussie Dollar and underpin the AUD/USD pair.
RBA Governor Bullock stated on Friday that the Australian central bank remains focused on the potential upside risks to inflation and does not anticipate rate cuts in the near term. The board believes it has struck the right balance between controlling inflation and maintaining stability in the current economic climate, per ABC News.
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