AUD/USD Upside Potential Strong With RBA Set to Ponder a Hike -- Market Talk

Dow Jones05-06

0306 GMT - There's upside potential for AUD/USD this week with the Reserve Bank of Australia holding a policy meeting amid plenty of speculation that it will need to send a hawkish signal, or even raise interest rates, following recent data showing stubbornly high core inflation in 1Q. That would put the RBA in rare company among its global peers, with nearly all of them positioning for interest rate cuts. Joe Capurso, economist at Commonwealth Bank of Australia expects the pair to consolidate around 0.6600 this week, but if the RBA reinstalls a tightening bias, the pair could jump above 0.6700. AUD/USD last at 0.6618. (james.glynn@wsj.com; @JamesGlynnWSJ)

(END) Dow Jones Newswires

May 05, 2024 23:06 ET (03:06 GMT)

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