AUD/USD: UOB maintains its target of 0.70 by years end

"The RBA has left its key rate at 2% but indicated that low inflation could encourage them to loosen monetary policy again if needed.

We continue to expect a rate unchanged at 2% for now although we note that inflation could force the RBA to change its position.

AUD/USD posted a rally in the wake of the RBA's decision, managing to reach 0.72 from 0.7120 just before the press release. We maintain our AUD/USD target of 0.70 by the end of the year," says UOB.