The AUD/USD climbs to near 0.6570 during the European trading session on Thursday. The Aussie pair continues to perform strongly from Tuesday when the Reserve Bank of Australia (RBA) surprisingly kept interest rates steady at 3.85%, citing officials need confidence that inflationary pressures are on the 2.5% path.
"The Board judged that it could wait for a little more information to confirm that inflation remains on track to reach 2.5% on a sustainable basis," the board said in a statement, Reuters reported.
The unexpected move to hold interest rates steady by the RBA led to a sharp upside move in the Australian Dollar. Economists had priced in 25 basis points (bps) interest rate reduction.
On global risk, the RBA stated that the "monetary policy is well-placed to international developments if they were to have material implications for activity and inflation in Australia".
Meanwhile, the July 8-9 Reuters poll showed that all respondents have forecasted that the RBA will reduce its Official Cash Rate (OCR) in May.
On the US Dollar (USD) front, investors seek fresh headlines regarding the current status of trade negotiations between the United States (US) and its trading partners. So far, the US has closed trade agreement with the United Kingdom (UK) and Vietnam and a limited pact with China. US President Donald Trump has sent letters to 21 nations, specifying reciprocal tariff rates, notable Japan and South Korea, which are key importers of Washington.
Source: Fxstreet
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