The Australian Dollar (AUD) held its ground against the US Dollar (USD) on Tuesday ahead of the Reserve Bank of Australia's (RBA) interest rate decision. The AUD/USD pair is likely to strengthen as US President Donald Trump has extended the China tariff deadline for another 90 days.
The Reserve Bank of Australia (RBA) is expected to announce a 25 basis point (bps) interest rate cut to 3.6% from 3.85% at its August monetary policy meeting. Traders will likely be watching the Monetary Policy Statement, followed by a press conference by RBA Governor Michele Bullock.
The Trump administration agreed to delay the implementation of massive tariffs on China, Australia's close trading partner, for an additional 90 days, just hours before the previous agreement between the world's two largest economies expired. In response, China's Ministry of Commerce announced it would suspend additional tariffs on US goods for the same period, following Trump's executive order extending the tariff truce. (alg)
Source: FXstreet
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