Australian Dollar Weakens After RBA Pause, Fails to Reclaim 0.7100 – MUFG

The Australian Dollar softened on Tuesday after the Reserve Bank of Australia unanimously voted to keep the cash rate at 4.35%, following three consecutive rate hikes. The currency failed to reclaim the key 0.7100 level, resulting in modest weakness, as reported by MUFG's Lee Hardman.

The pause came after a period of strong gains for the Aussie, but the inability to push higher and the dovish hold are weighing on the pair. Traders are now watching for further guidance from the RBA and broader risk sentiment.