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| AUD/USD expected to remain range-bound, say UOB strategists |
According to the Markets Strategist and Senior FX Strategist of UOB Group, the AUD/USD currency pair is likely to continue trading within a range-bound theme. The pair traded sideways within a narrower range than expected on Wednesday, indicating the possibility of further sideways trading in a range of 0.6630/0.6690. Despite the volatility decrease, the analysts expect the AUD/USD pair to remain within its consolidation range of 0.6570/0.6735 over the next 1-3 weeks.
The AUD/USD pair is currently trading at 0.6647, up by 0.12% on the day. Investors await the Australian employment report for February, which will be released later today, for any signs of improvement in the job market. Meanwhile, the Reserve Bank of Australia (RBA) has decided to keep its cash rate target unchanged at 0.10%, in line with market expectations. The central bank stated that it would continue to support the economic recovery by keeping interest rates low until 2024.
