The Reserve Bank of Australia (RBA) increased its cash rate by 25 basis points to 3.85% to combat persistent inflation. This marks the fourth consecutive rate hike as inflation remains above the central bank’s target range. The Australian dollar surged against major currencies, with AUD/USD rising 0.8% post-decision. The move signals tighter monetary policy, impacting global forex markets and commodity-linked assets. Investors now focus on whether further hikes will follow in 2024.
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