Australia’s daily reference rate for the Australian dollar fell about 1.6% on Nov. 6, three days after the Reserve Bank of Australia (RBA) lifted its cash-rate target to 4.85% in a split vote.
The RBA’s exchange-rate table put one Australian dollar at US$0.7014 on Nov. 5 and US$0.6900 on Nov. 6. That is a calculated decline of about 1.6% between the daily readings. Six of the Monetary Policy Board’s nine members backed the Nov. 3 increase; three preferred to leave the target at 4.60%.
The RBA said inflation pressures remained broad, citing fuel and commodity prices, prices for AI-related technology goods and constraints on domestic capacity. It projected inflation would stay above 3% for the coming year and reach the upper end of its 2% to 3% target range in late 2027. The bank said higher borrowing costs, falling home prices and fewer property transactions were expected to restrain household spending and investment in homes.
Separately, the U.S. Bureau of Labor Statistics reported that nonfarm payrolls increased by 165,000 in October and unemployment stood at 4.1%. The report was released Nov. 6 at 8:30 a.m. ET. The next U.S. Employment Situation report is scheduled for Dec. 4 at 8:30 a.m. ET, followed by the RBA’s next cash-rate decision at 10:30 p.m. ET on Dec. 7 (03:30 UTC Dec. 8).
