Forex Today: US Dollar consolidates losses as focus shifts to Powell's testimony – by eren_fxstreet Currencies Majors Fed Commodities Macroeconomics
will also feature IBD/TIPP Economic Optimism Index for March and Consumer Credit Change for January.
During the Asian trading hours, the Reserve Bank of Australia announced that it hiked the policy rate, the Official Cash Rate , by 25 basis points to 3.60% from 3.35%. Although this decision came in line with the market expectation, AUD/USD fell sharply with the initial reaction. In its policy statement, the RBA reiterated that further tightening of the policy will be needed but noted that the monthly Consumer Price Index indicator suggests that inflation has peaked in Australia.
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