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The Australian dollar gained in the European session on Tuesday following the RBA’s Bullock press conference.
The RBA decided to keep the key interest rate unchanged at 4.35% for the fifth consecutive time at its June meeting.
Investors will turn their attention to the US retail sales and industrial production data for May, which will be released later on Tuesday.
The Australian dollar (AUD) strengthened on Tuesday following the press conference following the June monetary policy decision. The Reserve Bank of Australia (RBA) kept the official cash rate (OCR) unchanged at 4.35% for the fifth consecutive meeting in June. The last time the RBA raised the OCR by 25 basis points was in November 2023.
The hawkish RBA’s Bullock boosted the Australian dollar (AUD) as no rate cut was considered at this meeting. In the US, investors will be closely watching the US retail sales and industrial production data for May. Fed Chairs Lisa Cook, Thomas Barkin, Adrienne Kugler, Lori Logan, Alberto Musalem and Austen Goolsby will speak later on Tuesday. Stronger-than-expected data could boost the U.S. dollar and create headwinds for AUD/USD.
