The AUD/USD pair rose to the highest level since November 4 2021 even after the hawkish statement by Jerome Powell.
Trade AUD/USD NowThe AUD/USD pair rose in the overnight session as the US dollar and volatility declined. The VIX, which is a good measure of volatility, declined by over 8% while American equities bounced back. Similarly, cryptocurrencies like Bitcoin and Ethereum also rose.
In last week’s meeting, the Federal Open Market Committee said that inflation was growing at a faster pace than expected. They also said that the situation will continue because of the rising commodity prices and the fact that supply chains are being disrupted. Therefore, with its peer banks like the Fed, Bank of Canada, and Bank of England hiking rates, analysts believe that the RBA will also do the same. Besides, Australia’s headline inflation remains at elevated levels while the unemployment rate has been in a downward trend.
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