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Forex Today: RBA Makes Surprise 0.25% Rate Hike

The Reserve Bank of Australia unexpectedly raised its Cash Rate by 0.25% citing persistently high inflation.



  1. The Reserve Bank of Australia made a surprise hike to its Cash Rate earlier by 0.25%, taking it to 3.85%. The RBA cited persistently high inflation above 7% which would take some time to reduce to target as the justification for this hike. The Australian Dollar traded higher following the news, with the AUD/USD currency pair up by more than 70 pips and the AUD/JPY currency cross up by more than 120 pips.
  2. In the Forex market, the US Dollar is falling again in line with its long-term bearish trend. The spotlight is on other currencies right now however, with the Australian Dollar showing the greatest short-term strength while the Japanese Yen is clearly the weakest currency, with the USD/JPY currency pair rising after making a long-term high closing price yesterday. The long-term bearish trend in the US Dollar remains valid, and trend traders may also be looking for long trades in the EUR/USD and GBP/USD currency pairs.
  3. Markets are looking ahead to Wednesday’s meeting of the US Federal Reserve, widely expected to hike rates by 0.25%, which many analysts see as paving the way for eventual rate cuts later in 2023.
  4. Several soft commodities are performing well, with the Sugar ETF CANE and the Cocoa ETN NIB reaching new multi-year high prices over recent days.
  5. Stock markets have been mixed but remain mostly bullish.
  6. The cryptocurrency Bitcoin is continuing to head lower after again rejecting resistance levels confluent with the major round number at $30k last weekend.
  7. US ISM Manufacturing data came in a little stronger yesterday than was expected.
  8. JPMorgan has finalised its purchase of the failed First Republic Bank.
  9. There will be releases later today of US JOLTS Job Openings data and New Zealand Unemployment data.
  10. It will be a public holiday in Japan tomorrow.
Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.


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