According to a morning note published by the analysts at Westpac, the Aussie is seen dropping to 0.7400 levels on RBA’s steady monetary policy stance.
“Much of AUD/USD's gains have been driven by broad US dollar weakness. But there has also been a partial recovery in Australia's key commodity prices, after very steep declines in April and May. However, beyond multi-week gains, a firmly on hold RBA is likely to keep a lid on AUD/USD, easing to 0.74 by year-end.“
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