Australian dollar soars as RBA holds just as expected

Australian dollar soars as RBA holds just as expected

On Tuesday, the Australian dollar revived in Asia right after the latest major bank rate review held steady, thus  shrugging off the current account because it dared to widen further than previously expected into deficit.

The currency pair AUD/USD hit 0.7488, climbing up 0.01%, while USD/JPY reached 109.85, sliding 0.56% after Japan posted that in April average cash earnings tacked on 0.5%, unlike a 0.3% profits observed year-on-year.

The currency pair GBP/USD inched up 0.17%, demonstrating 1.2928.

Estimating the greenback’s strength versus six main currencies, the US dollar index went down 0.18%, trading at 96.60.

On Tuesday, the Reserve Bank of Australia issued its latest interest rate verdict and held at a record minimum 1.50%. Previously, Australia posted that the current account extended to a deficit of A$3.1 billion, unlike a surplus of A$100 million observed for the first quarter.

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