AUD Finds Temporary Support After Recent Decline – Overview for June 29, 2023

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/AUDUSD_4-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="AUD/USD analysis today" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD/USD</a> has temporarily paused its downward movement.</p>

<p>The Australian dollar, paired with the US dollar, has hit a four-week low. The current AUD/USD quote stands at 0.6606.</p>

<p>The peak of AUD at 0.6900 seems like a distant memory now.</p>

<p>The temporary relief in selling pressure on AUD may be attributed to the release of recent Australian statistics. The data indicates a 0.7% month-on-month increase in retail sales for May, surpassing expectations. This strengthens the case for the Reserve Bank of Australia to potentially raise interest rates once again.</p>

<p>Although there has been a slight reduction in job vacancies, the Australian labor market remains robust.</p>

<p>Overall, these combined data points have partially offset the market's disappointment following the release of the Australian <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a> report, which revealed a noticeable decline in prices.</p>

<p>Investors are estimating a 36% probability of an <a href="https://blog.roboforex.com/blog/2019/10/22/trading-news-how-to-earn-on-interest-rates/" data-internallinksmanager029f6b8e52c="90" title="Interest rate">interest rate</a> hike to 4.35% per annum at the July meeting.</p>

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