Australian dollar suffers after RBA withholds another rate hike
RBA interest rate decision
This week the Reserve Bank of Australia elected to hold interest rates at 4.1% against a forecasted 25 bps hike. This is the second consecutive meeting holding interest rates constant; both times citing the need for more time to evaluate the impact of prior rate hikes.
Markets moved against the Australian dollar Tuesday as a result. AUD/USD closed over a percent lower from its 0.6693 open, and EUR/AUD gained over 200 pips. AUD/JPY lost almost all the gains from Monday - but still retained weekend strength over an uncertain yen. The pair has moved over 400 pips from last Thursday.
How to trade Australian dollar
- Open an account to get started, or practice on a demo account
- Choose your forex trading platform
- Open, monitor, and close positions on AUD pairs
You can help develop your forex trading strategies using resources like tastyfx’s YouTube channel. Once your strategy is developed, you can follow the above steps to opening an account and getting started trading forex.
Your profit or loss is calculated according to your full position size. Leverage will magnify both your profits and losses. It’s important to manage your risks carefully as losses can exceed your deposit. Ensure you understand the risks and benefits associated with trading leveraged products before you start trading with them. Trade using money you’re comfortable losing.
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