The AUD/USD pair is reclaiming lost ground.
The Australian dollar, in tandem with the US dollar, experienced an upswing by Friday. The current AUD/USD exchange rate stands at 0.6618.
Earlier, the Aussie had encountered pressure when the Reserve Bank of Australia maintained the interest rate at 4.35% per annum. During that period, the central bank stated that keeping the parameter unchanged would allow for an assessment of the impact of interest rate hikes on demand, inflation, and the employment sector.
The RBA also underscored uncertainty surrounding household consumption prospects. Nevertheless, it generally acknowledged that inflation is on the decline, and conditions in the labor market are easing.
The Australian economy witnessed a 0.2% q/q increase in Q3, falling short of the 0.4% growth forecast and marking the slowest growth rate this year.
In summary, the outlook for AUD remains positive, provided there are no drastic changes in the RBA’s monetary policy.