On Tuesday, the Australian dollar against the US dollar is growing. The current quote is 0.6718.
At the latest meeting, the Reserve Bank of Australia lifted the interest rate to 3.10% from 2.85%. This decision had been anticipated. The increase by 25 base points is quite by the previously voiced monetary policy of the RBA.
This is the eighth in a row increase in the interest rate. The rate is at the high of April 2013, and can be lifted even higher: the RBA does not exclude further growth aimed against inflation pressure.
According to the RBA comments, the regulator has decided firmly to bring inflation back to target values and is going to do anything for this. The current CPI in Australia is too high and is going to keep growing in the upcoming months.
At the same time, the Australian economy continues growing steadily.
The way to the target inflation level and a soft landing of the Australian economy looks quite narrow, which means the rate might start growing more actively from now on.
For the Aussie, this turned out to be serious support.