The Aussie rose against the U.S. dollar after the Reserve Bank of Australia forecast further policy tightening.


[Financial Channel/Comprehensive Report] The Reserve Bank of Australia (RBA) announced on Tuesday (6th) that it raised interest rates by 1 yard to 3.1%. At the same time, it also insisted that further interest rate hikes are still needed to curb inflation.

According to comprehensive media reports, at the end of the last interest rate hike meeting this year, the Reserve Bank of Australia raised interest rates by 1 yard to 3.1%.

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RBA Governor Philip Lowe said in a statement: "The Committee expects to raise interest rates in the coming period, but not on a preset path. The extent and timing of interest rate hikes will depend on future data."

Sean Langcake, director of macroeconomic forecasting at BIS Oxford Economics, said Philip Lowe's statement did little to signal the end of Australia's rate hike cycle, and he therefore predicted at least two more rate hikes in early 2023.

AUD/USD was up 0.43% intraday at 0.6726 at 1:32 pm Taipei time on continued tightening remarks from Philip Lowe.

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