The Australian dollar, paired with the US dollar, is growing on Friday. The current AUDUSD exchange rate stands at 0.6587.
Over the past two days, the risk interest factor from investors in the global currency market has worked in favour of the Aussie. Additionally, the AUD has benefited from the local decline in the US dollar.
The market continues to evaluate the recently released Australian inflation data. In Q4 2023, the consumer price index rose by 4.1% y/y compared to 5.4% in the previous quarter. Monthly inflation slowed to 3.4% in December from 4.3% in November.
The Reserve Bank of Australia will meet next week, where the interest rate is expected to remain unchanged. However, investors see the conditions for a reduction in the cost of borrowing by June.