The AUD/NZD cross attracts some sellers near 1.0990 on Tuesday during the early European session.
AUD/NZD loses traction 1.0990 in Tuesday’s early European session. The RBA held the Official Cash Rate unchanged at 4.35% at its May meeting on Tuesday, as widely anticipated. The RBNZis expectedto delay any shift toward monetary easing until 2025 due to elevated inflation pressures in Q1. The cross edges lower after the Reserve Bank of Australia decided to hold the interest rate unchanged at 4.35% at its Maymeeting,but offered a less hawkish tone than the March statement.
The Australian Dollar faces some selling pressure following the monetary policy meeting as the RBA did not deliver as much hawkish bias as the market expected. On the Kiwi front, the Reserve Bank of New Zealand kept its cash rate unchanged at 5.5% for the sixth consecutive meeting last monthand emphasizedthat restrictive monetary policy was necessaryto further reduce capacity pressureand bring down inflation.
Crosses Macroeconomics RBA Interestrate
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