Anna 
The Australian dollar (AUD) extended its gains for a second consecutive day, maintaining resilience against the US dollar on Tuesday. The currency pair received an upward boost following the release of the hawkish Reserve Bank of Australia (RBA) meeting minutes from its October 2023 gathering.
During this meeting, RBA officials deliberated whether to enact a 25-basis point interest rate hike or maintain the current rates. Ultimately, the committee reached a consensus favoring the status quo, citing factors such as inflation data, employment figures, and forthcoming forecasts, which are scheduled for release at the November meeting.
RBA board members acknowledged the existence of notable concerns surrounding the potential for inflation to rise further, reflecting a cautious stance similar to the Federal Reserve’s approach in addressing factors that could drive up inflation.
Concurrently, the U.S. dollar index (DXY) is under downward pressure due to dovish remarks from various Federal Reserve officials. These comments have underscored the notion that no further interest rate hikes are anticipated for the remainder of 2023. The central bank’s dovish posture emphasizes its reluctance to tighten monetary policy within the present economic landscape.
Philadelphia Fed President Patrick Harker contributed to this sentiment by advocating for the avoidance of increased economic pressure through raising borrowing costs. Harker stressed that, barring significant data changes, maintaining interest rates at their current levels is the prudent course of action.
