AUDUSD is skyrocketing on Tuesday after decisions from the RBA.
The Australian Dollar is quickly rising against the USD during Tuesday’s trading session. The current quote for the instrument is 0.7576.
The Reserve Bank of Australia had another meeting this morning and decided to keep the benchmark interest rate intact at 0.10%, just as expected.
However, the RBA had something else to surprise market players with. The Australian regulator announced the third round of the QE program with a lower volume than before. The RBA would continue purchasing government bonds past the present September deadline at a weekly pace of 4 billion AUD instead of the current 5 billion AUD.
In the comments, the RBA said that this move would provide the country’s economy with continuous support that was required for the transition from recovery to growth.
According to the regulator, the latest statistics are quite strong but risks of uncertainty caused by the pandemic remain rather high, so the time to relax hasn’t come yet. And here are the facts to support this: in Sidney, there are still strict quarantine restrictions due to increasing risks of the disease spread. Official data says that only 9% of the adult population are vaccinated, and that’s one of the lowest numbers among developed countries.
Nevertheless, AUD was positive in its response to this news. It seems like the RBA will continue supporting the country’s economy until it recovers completely.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.