AUDUSD Extends Climb On Hawkish RBA Minutes

Published on Nov 21, 2023 12:05

The Australian dollar is extending gains on Tuesday amid hawkish minutes from Reserve Bank of Australia. The AUDUSD pair is taking a brief pause in rally against the dollar today although the pair is hovering at its best levels since August. The pair is currently quoting at 0.6574, up 0.09% on the day. RBA minutes noted that members remain resolute in its determination to return inflation to target and will do what is necessary to achieve that outcome. Board members agreed that whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable timeframe would depend on how the incoming data alter the economic outlook and the evolving assessment of risks. Persistent weakness in greenback over past few days amid reduced bets of a further Federal rate hike is also supporting momentum in the AUDUSD pair. Besides, potential additional stimulus measures in China are also seen supporting the Australian currency.