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CAFX Market Update 21/02/2024

Welcome to our daily market update, where we help keep you informed on the latest happenings in the world of FX.
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The AUD/USD trades up to 0.6580 on Tuesday, rebounding from the day’s low near 0.6520. The RBA held rates steady early Tuesday as markets expected, but another rate hike is still considered.

Investors will also be looking to figure out how close the Fed is to cutting interest rates when the Meeting Minutes drop on Wednesday.

The RBA held rates for the time being, but the Australian central bank’s meeting minutes appears to be leaning towards further rate hike if targets are not met on inflation soon. With Australia’s tight labor market and still-high services inflation, the RBA expects it could take until well into 2025 before inflation reaches target levels.

Looking ahead on economic data, Investors will keep eyes on the FOMC’s latest Meeting Minutes, Investors will be looking to see how close the Fed is to delivering interest rate cuts, with the market broadly expecting a first rate cut in June


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