The Australian dollar slipped below $0.625 on Wednesday, reversing a two-day rally despite stronger-than-expected economic growth data. Australia's economy grew by 0.6% in the fourth quarter, up from 0.3% in the previous quarter and surpassing market expectations of 0.5%.
On the monetary policy front, RBA Deputy Governor Andrew Hauser noted that the central bank is closely monitoring the impact of the escalating global trade war on domestic inflation.
He emphasized that it's too early to declare victory over inflation and called for a cautious approach to further interest rate cuts.
However, minutes from the RBA's February meeting indicated that policymakers are increasingly focused on downside risks to the economy, suggesting a more dovish stance.
Externally, the Aussie faced pressure from trade concerns after new US tariffs on Canada, Mexico, and China took effect on Tuesday, prompting retaliatory measures from those countries.
Source: Trading Economics
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