The AUD/CHF currency pair held within a tight daily range on Monday, near a 3-week low of 0.5568, as traders awaited the release of the Reserve Bank of Australia minutes from its June monetary policy meeting.
In that decision, the RBA maintained its official cash rate at 4.35% after raising rates at three consecutive prior meetings.
The minutes will provide a more detailed account of the RBA Board’s assessment of domestic and global economic conditions as well as the internal debate that led to the decision to hold rates steady.
Meanwhile, the short-term easing of US-Iran tensions has reduced safe-haven demand, limiting upward pressure on CHF, which is commonly sought during periods of market stress.
On the monetary front, the Swiss National Bank has maintained its policy rate at 0% for a fourth consecutive meeting, stating that this stance is consistent with supporting both price stability and economic growth. At the same time, the central bank has revised its inflation projections higher.
In addition, the SNB has reiterated that it remains prepared to intervene in foreign exchange markets if required.
The AUD/CHF currency pair was last up 0.03% on the day to trade at 0.5579.
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