The Reserve Bank of Australia surprised markets by keeping rates unchanged at 3.85% on 8 July, citing lack of evidence of sustainable inflation. The decision was influenced by Australia’s strong job market, with unemployment at 4.1%. Trade tensions and upcoming tariffs also affect the Aussie dollar’s performance.

Despite expectations of a rate cut, the RBA held rates steady, causing the Australian dollar to rise against the US dollar. Technical analysis suggests possible support around 65c, with resistance at 67c. Market sentiment is optimistic despite trade uncertainties and potential tariff impacts.

The Japanese yen has weakened amid escalating trade tensions with the US, while the RBA’s unexpected rate hold boosted AUDJPY. Technical analysis shows resistance at ¥97.70 and potential support at ¥95. Important data releases for AUDJPY include Australian consumer confidence and Japanese trade and inflation reports.

Analyst Michael Stark’s views on the market do not represent Exness or FX Empire. This article provides insights into the RBA’s decision and its impact on the Australian dollar’s performance. Visit FX Empire for more information on market trends and analysis.

Read more at Yahoo Finance: Some Gains for the Aussie Dollar After the RBA Unexpectedly Holds