Not even a 50 basis point rate hike by the Reserve Bank of Australia can save the Australian dollar, which continued its falls overnight to flop well below the 68 cent level versus the USD:
That’s four consecutive red candles on the four hourly chart since the rate hike yesterday afternoon!
This is all part of a multi-month downtrend that started at the peak of the COVID response and has accelerated as the US Federal Reserve has stepped up to fight its own form of domestic inflation, with the RBA lagging as usual:
But its not all bad news, the Aussie is also falling against Euro, with the EURAUD pair setting up for a breakout here even as Euro itself is crushed below parity by the USD:
While another new Tory PM at Downing Street is pushing Pound Sterling up against the Aussie as well:
