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The greenback edged down while the Australian dollar climbs following the RBA's rate hike

By Rana Gharib
02 May,2023
The greenback edged down while the Australian dollar climbs following the RBA's rate hike

The greenback dipped from the highest level in two weeks on Tuesday ahead of uncovering Fed’s stance regarding the rate hikes, but the Australian currency jumped after the RBA shocked with a rate hike.

The dollar index that gauges the greenback versus its major pairs slumped by 101.820 post rising to a high of 102.19 on Monday, the highest touched since April 19.

The Federal Reserve of the United States is highly projected to raise interest rates again on Wednesday, and investors are eager to see if it will suggest a break in rate hikes after May, or if it will keep the potential of another hike in June alive.

EUR/USD edged up by 0.1% to 1.0991staying slightly below the highest level in 1 year of 1.1096 set last week.

GBP/USD steadied at 1.2497, robust home prices that went beyond projections, announced by Nationwide earlier Tuesday are likely to supply the Bank of England with additional tightening ammo when it meets next week.

USD/JPY climbed by 0.1% to 137.61, With the yen trading near a two-month low after the Bank of Japan held interest rates at record lows last week and suggested that it had no intention of changing its ultra-loose policy in the future months, the yen is trading near a two-month low.

 

 

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