AUD/USD stabilizes below 0.6900 despite hawkish RBA minutes and upbeat Feb PMI AUDUSD Fed RBA PMI SEO
has refreshed its multi-decade of 7.8% and is showing no signs of softening ahead in spite of the fact that the Official Cash Rate has been already pushed to 3.35%.
According to the RBA minutes, policymakers also considered the option of 50 basis points interest rate hike considering the persistence of inflation. The RBA members also highlighted that the Unemployment Rate is the lowest in the past 50 years and job vacancies are extremely high, which is delighting households for flushing surplus funds into the economy.Apart from the hawkish RBA minutes, upbeat preliminary Australian S&P PMI data has also failed to strengthen the Australian Dollar.
In Tuesday’s New York session, preliminary US S&P PMI numbers will be keenly watched. The Manufacturing PMI is seen lower at 46.8 vs. the prior release of 46.9. And the Services PMI is seen at 46.6 against the former release of 46.8.
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