The Australian Dollar (AUD) is poised to continue its winning streak for the fourth successive session against the US Dollar (USD) on Friday, after recovering its daily losses.
However, the AUD/USD pair faced challenges following the introduction of new tariff actions by US President Donald Trump. President Trump announced on Thursday a 35% tariff rate for goods imported from Canada, effective August 1. He further stated that the European Union (EU) would receive a letter notifying them of new tariff rates "today or tomorrow."
The AUD receives support after the Reserve Bank of Australia (RBA) surprisingly decided to maintain the Official Cash Rate (OCR) at 3.85% earlier this week.
RBA Governor Michele Bullock stated that inflation risks persist, driven by the elevated unit labor costs and weak productivity, which could push inflation above forecasts.
Moreover, RBA Deputy Governor Andrew Hauser mentioned that the global economy is facing uncertainty. Hauser also stated that tariff effects on the global economy are profound and are likely to dampen growth.
Source: FXStreet
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