AUD/USD moves downward after RBA dovish statement, trades lower around 0.6420

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• AUD/USD moves on a downward trajectory as the RBA delivers a dovish rate statement.
• RBA is concerned about the economy slowing down amid persistent inflation risks.
• IMF upgraded China’s GDP to grow by 5.4% in 2023 and 4.6% in 2024.

AUD/USD proceeds downward with the negative bias, extending the losing streak despite the Reserve Bank of Australia RBA) delivering a 25 basis points rate hike on Tuesday. The pair trades lower near 0.6420 during the Asian session on Wednesday, facing downward pressure as Australia’s central bank delivered a dovish rate statement.