Malaysia, Australia Reaffirm Strategic Partnership Commitment
AUD/USD is hovering in the upward Range, awaiting Australian inflation data for direction.
On Thursday (July 10th), the Australian Dollar continued to maintain a relatively strong position against the US Dollar, trading around 0.6550 in the North American session, within the rising range that has persisted over the past few months. The market is digesting two key events this week: one is the Reserve Bank of Australia (RBA) unexpectedly maintaining the interest rate at 3.85%, and the other is the Federal Reserve's meeting minutes suggesting no hasty policy changes in the near term. This week's RBA interest rate decision was significantly contrary to market expectations. Despite the gradual decline in inflation, the market had anticipated a 25-basis-point cut; however, the RBA chose to hold steady, keeping the benchmark interest rate at 3.85%.
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