AUD rises for the sixth consecutive day. Overview for 21.02.2024

The Australian dollar, paired with the US dollar, has risen even further. The current AUDUSD exchange rate stands at 0.6565.

The Aussie is appreciating gradually, steadily gaining ground.

An important supportive factor is the local weakness of the US dollar, as the market awaits the release of the Federal Reserve’s latest meeting minutes this evening.

The minutes from the Reserve Bank of Australia’s previous meeting showed that policymakers are still discussing the possibility of further interest rate hikes, as in February’s meeting. Ultimately, it was decided to maintain the current monetary policy parameters, considering the slowdown in inflation in the country.

Statistics showed that wages in Australia rose 4.2% year-over-year in Q4 2023, marking the highest reading since early 2009. The RBA will perhaps consider this data to be pro-inflationary.