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Forex Today: The RBA is expected to raise the rate later to 4.35%

Forex Today: The RBA is expected to raise the rate later to 4.35%

The Reserve Bank of Australia is widely believed to be very likely to raise the interest rate by 0.25%, despite pauses in recent meetings of other major central banks.

➡️ The Reserve Bank of Australia's Cash Rate and Rate Statement will be released tomorrow, with markets expecting a 25 basis point rise to 4.35%.

➡️ The governor of the Bank of Japan Ueda gave a speech a few hours ago in which he declared that he sees a moderate recovery of the Japanese economy. This optimism had little effect on the Yen.

➡️ Stock markets are generally rising as optimism continues to grow that the global streak of rate hikes in developed economies is nearing its end, with a growing sense that the US may have already reached the terminal rate in the current cycle, even if at least a further increase, a rate hike in 2024 is still considered probable. The major Asian indices are rising today, with the KOSPI Composite Index rising sharply, and both the HSI That the Nikkei 225 up over 1.5% on the day.

➡️ Hong Kong is considering whether to allow the issuance of cryptocurrency ETFs.

➡️ In the Forex market, the Swiss franc is the strongest major currency, while the New Zealand dollar is the weakest. There is still a valid long-term uptrend in the USD/JPY currency pair , but is coming into question due to the recent strong bearish retracement.

Credit by DailyForex.com

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