AUD Rallies as RBA Holds Off On Rate Cuts
AUD/USD had a good day today after the RBA announced its decision to hold interest rates at 1.5%.
Arslan Butt•Tuesday, May 7, 2019•1 min read
[[AUD/USD]] had a good day today after the RBA announced its decision to hold interest rates at 1.5%. Market analysts were expecting a rate cut, but the hawkish outlook of the central bank caused Australian dollar to rally up to 0.8% against the US dollar.
While several central banks around the world turned dovish since the beginning of this year, RBA’s decision to hold off on rate cuts was a refreshing change. However, the bank has cautioned that it could consider cutting rates in the future if employment doesn’t get better.
At the time of writing, AUD/USD is trading at around 0.7018, lower than today’s highs of 0.7048.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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