Forex Today: Aussie rallies on unexpected RBA hike, US Dollar edges lower – by eren_fxstreet Majors Currencies Macroeconomics Commodities CryptoCurrencies
The Australian Dollar outperforms its rivals early Tuesday following the Reserve Bank of Australia's unexpected decision to raise the policy rate by 25 basis points to 4.1%. The US Dollar struggles to find demand as markets see a growing possibility of the Federal Reserve leaving its key rate unchanged at the next meeting.
On Monday, the ISM Services PMI report revealed a loss of momentum in the service sector's growth in May. Additionally, the publication showed a contraction in the sector's employment alongside a softening of input inflation. In turn, thecame under renewed bearish pressure and erased its gains to close the day flat. In the European morning, DXY stays in negative territory slightly below 104.00 and the benchmark 10-year US Treasury bond yield consolidates Monday's losses at around 3.
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