The AUD/USD Pair Has Halted Its Downward Trend: Overview for November 08, 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" style="margin-bottom: 15px;" loading="lazy" /></div><p>The Australian dollar has stopped falling against the US dollar for now. The current <a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD/USD</a> exchange rate is 0.6438.</p>

<p>The Aussie suffered a sharp drop of about 0.8% in a single day, which was the biggest <a href="https://blog.roboforex.com/blog/2021/06/18/how-to-become-a-day-trader/" data-internallinksmanager029f6b8e52c="187" title="Day Trading">intraday</a> loss in a month.</p>

<p>This was caused by the market&rsquo;s reaction to the outcome of the Reserve Bank of Australia&rsquo;s meeting. The RBA increased the <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> to 4.35% per year, the highest level in 12 years, ending a four-month period of stable monetary policy. However, the regulator also adopted a softer tone in its statement, saying that future decisions would depend on the incoming data.</p>

<p>The next RBA meeting will take place in December. The market expects that the rate will stay the same.</p>

<p>The RBA also changed the wording of the final paragraph of its statement. This could suggest that the monetary authorities do not see the need for further rate hikes as a tool. However, they are ready to act if the situation changes.</p>

<p>The Aussie&rsquo;s high sensitivity to the RBA&rsquo;s decision is due to the sudden change in sentiment.</p>

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