## Currency Market Update: US Dollar Strengthens, Aussie Rates Remain Unchanged
The US dollar stabilized near its highest level in three months during early Tuesday trading, as diminishing expectations of significant interest rate cuts by the US Federal Reserve this year supported the greenback.
The Reserve Bank of Australia left interest rates unchanged at a 12-year high of 4.35 percent, as expected, but warned that further rate hikes may be necessary to curb inflation.
The Australian dollar rose 0.35 percent to $0.6505 following the decision, while the New Zealand dollar gained 0.19 percent to $0.60665. The dollar index, which tracks the greenback against a basket of major currencies, climbed to 104.38, its highest level since November 14th. It has gained 3 percent year-to-date after falling 2 percent in 2023.
Other major currencies moved as follows: the euro slightly strengthened to $1.0747, the pound remained steady at $1.2546, and the yen slightly appreciated to 148.61 per dollar.
The Turkish lira slightly weakened to 30.45, while the Iranian toman recorded 5.595 against the US dollar.