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AUD/USD falls after RBA signals rate cuts coming next year
As expected, earlier today the Reserve Bank of Australia (RBA) did as expected and kept their OCR on hold at 4.35%. However, at the same time, the RBA accompanied that decision with a statement suggesting that rates will be cut next year. So, that is what is known in the trade as a Dovish hold and it has not served the AUD/USD, or the AUD/JPY too well since. Both have fallen back this morning. The AUD/USD had lifted to a high at 0.6471 yesterday afternoon. It closed in the US at 0.6440 and these comments from the RBA today have pushed it lower again. The low seen since the RBA decision has been set at 0.6380. The reader is reminded of the current 2024 low, in place at 0.6350 set back on August 5. That could be put to the test now. We shall have to see on that though. The AUD/USD is currently trading at 0.6393
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