The Australian dollar (AUD) has recently experienced a significant decline against the US dollar (USD), closing last week at its lowest level in two years. This decline represents a 10% decrease from its recent high.
A combination of factors has been attributed to the decline of the Australian dollar. One of the factors is the hawkish stance from the Federal Reserve. Additionally, concerns about Australia's fiscal position have also played a role in the decline.
The upcoming release of the Reserve Bank of Australia's meeting minutes is highly anticipated. These minutes could provide insights into future monetary policy decisions, which will be of great interest to traders and investors.
From a technical perspective, the AUD/USD pair has faced challenges. It is currently close to critical support levels, which traders and investors will be closely monitoring as they navigate the market.