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The Australian Dollar (AUD) on Wednesday continues to decline for the fourth consecutive day against the U.S. Dollar (USD) ahead of the release of the U.S. Federal Reserve policy statement.
Recently issued minutes of the latest policy meeting by the Reserve Bank of Australia (RBA) showed various concerns about the recovery of both the local and the global economies.
RBA board members do not expect strength in the labor market to be sufficient enough to produce pay hikes that lead to the inflation rate in Australia reaching the target 2-3% range until 2024, despite expectations that inflation could briefly reach the top-end of this target soon, due to the reversal of some pandemic-related price reductions.
The AUD/USD pair is trading lower for the day by 0.53% at 0.7705.
The pair has been moving today in a range between 0.7699 and 0.7747, after closing yesterday at 0.7746.
