The Australian dollar continued to strengthen on the basis of its strong performance last Friday, reaching 73.66 US cents this morning. Against the background of the overall weakness of the U.S. dollar and the rise in commodity prices, the Australian dollar rushed to its highest level since December 2018.
The RBA Board of Directors will meet tomorrow to discuss monetary policy. The outside world generally believes that the official cash rate is expected to remain at 0.25%, but all concerns will shift to the interest rate statement it will issue after the meeting, which focuses on the future prospects. The Australian Bureau of Statistics (ABS) will release quarterly gross domestic product (GDP) data on Wednesday, and local economists expect this figure to fall by 6.0%.
Yahoo Finance believes that from a technical point of view, AUD/USD is currently trading at 73.62 US cents.
