AUD/USD manages to hold above the yearly low (0.6363) following the kneejerk reaction to the US Personal Consumption Expenditure (PCE) Price Index, but the Reserve Bank of Australia (RBA) interest rate decision may do little to shore up the exchange rate as the central bank shows little interest in carrying out a restrictive policy. AUD/USD appears to be stuck in a narrow range even as the Relative Strength Index (RSI) recovers from oversold territory, and it remains to be seen if another 50bp RBA rate hike will influence the near-term outlook for the exchange rate as “inflation was expected to peak later this year.” ... (full story)