AUD/USD Pins Hopes on RBA Hike as Dow Jones Rebound Fails to Inspire Prices

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The risk-sensitive Australian Dollar fell versus the US Dollar despite US stocks climbing overnight. The high-beta Nasdaq-100 staged an impressive 1.72% rally to kick off the May trading month following a 5.62% drop in April. Bond traders continued to ditch Treasuries ahead of this week’s Federal Reserve interest rate decision, pushing the benchmark 10-year yield above 3% for the first time since 2018. That likely helped fuel the US Dollar’s fundamental backing. Today, Asia-Pacific traders are preparing for a rate decision from the Reserve Bank of Australia (RBA). Cash rate futures are pricing in a little less … (full story)