The US dollar retreated as the Federal Reserve remained cautious, while the Australian dollar surged on the back of a rate hike by the Reserve Bank of Australia.
In early European trading on Tuesday, the US dollar retreated, while the Australian dollar soared after the Reserve Bank of Australia hiked interest rates once again in response to elevated inflation.
At 02:35 Beijing time (14:35 China Standard Time-GMT+8)), the Dollar Index, which tracks the performance of the US dollar against a basket of six other currencies, dropped by 0.1% to 103.793, continuing its decline from the 2 half month peak of 104.70 seen at the end of May.
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