AUD remains stable. Overview for 22.04.2024

The Australian dollar, paired with the US dollar, looks neutral on Monday. The current AUDUSD exchange rate stands at 0.6437.

The Aussie is showing moderate gains today but remains confined within a narrow trading range. The local improvement is due to the stabilisation of investors’ risk appetite and the improvement of the global geopolitical situation, which has positively impacted market sentiment.

The Australian dollar also received support from the slight decline in the USD dollar, which occurred as part of a correction. Meanwhile, the US Fed’s representatives remain firm about interest rates and suggest that there might not be any cuts in 2024.

The Reserve Bank of Australia is expected to reduce the interest rate by the end of the year.

Australia will release the Consumer Price Index (CPI) reports for Q1 and March separately this week. The figures will clarify the future of the RBA’s monetary policy.