The renewed and quite strong selling pressure on the US Dollar (USD) sponsored a sharp U-turn in AUD/USD on Wednesday, causing it to regain the area above the critical 200-day SMA (0.6556).
AUD/USD rebounded markedly on Dollar weakness. The Federal Reserve kept its rates unchanged, as anticipated. The Australian jobs report takes centre stage. The renewed and quite strong selling pressure on the US Dollar sponsored a sharp U-turn in AUD/USD on Wednesday, causing it to regain the area above the critical 200-day SMA .
Consequently, the RBA statement took on a more cautious tone, highlighting that wage growth appears to have peaked and that household consumption remains subdued due to elevated inflation and increasing interest rates. It's worth noting that the RBA remains one of the last G10 central banks to contemplate interest rate adjustments.
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