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Market Update 08/05/2024

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 registered losses of around 0.42% against the USD, following the Reserve Bank of Australia’s (RBA) monetary policy decision to keep rates unchanged. However, it was seen as a dovish decision. resulting in  AUDUSD finishing the session near the day’s lows, and as Wednesday’s Asian session began, it traded at 0.6591, down 0.09%.

The key data for AUD/USD was the RBA’s decision to keep the Cash Rate at 4.35%. The monetary policy statement acknowledged that inflation is easing at a slower pace than expected, while March’s statement mentioned that inflation was cooling but remained high. That was perceived as dovish by the markets participants

On the data front, today will be quiet with no tier one economic data scheduled.

Currency PairMid-market rate


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