The Reserve Bank of Australia (RBA) is widely expected to leave the Official Cash Rate unchanged at 4.35% when it announces its monetary policy decision on Tuesday, marking a pause after three consecutive rate hikes delivered earlier this year.
Silver (XAG/USD) trades around $70.70 at the time of writing on Monday, up 3.94% on the day. The white metal is extending its rebound and benefiting from a backdrop marked by a weaker US Dollar (USD) and expectations surrounding the upcoming Federal Reserve (Fed) meeting.
Chris Turner at ING says the Euro’s focus this week is on European Central Bank communication after last week’s rate hike, with markets assigning only a small probability to another move in July.