AUD/USD: RBA Rate Statement

The Australian Dollar traded sideways against the US Dollar, following the RBA Rate Statement data release on Tuesday at 04:30 GMT. The AUD/USD exchange currency rate gained 7 pips or 0.10% after the release. The Aussie continued trading at the 0.7400 level against the Greenback after the release.

The Reserve Bank of Australia released the Australian Cash Rate data, which came out in line with the expectations of 0.25%.

According to the official release: "Under the expanded Term Funding Facility, authorised deposit-taking institutions (ADIs) will have access to additional funding, equivalent to 2 per cent of their outstanding credit, at a fixed rate of 25 basis points for three years. ADIs will be able to draw on this extra funding up until the end of June 2021. This extension will ensure that all ADIs continue to have access to the Term Funding Facility after the end of September, when the window for drawings under the initial allowance of 3 per cent of outstanding credit closes. Additional allowances associated with an ADI's growth of business credit will now also be available until the end of June 2021. Further details are provided in the accompanying notice."