In the latest trading session, the AUD/USD pair declined to 0.567, with traders focusing on comments made by Reserve Bank of Australia Deputy Chairman Christopher Kim. Kim stated that while the regulator's decision to end the rate hike cycle was partially due to the banking crisis, he believed that the problems in the global financial system were limited to a small number of problem banks. He also noted that the global banking system was in better shape than during previous crises.


Meanwhile, the Bank of Japan released its latest mission statement, in which some board members pointed to the risk that price increases could exceed analyst expectations. They believe that more companies may support rising high costs and wages, which could lead to a tightening of monetary policy. However, officials have not yet considered such an option.


The global market remains under pressure due to fears of a worsening banking crisis that could lead to a recession and decreased global demand. While there have been measures taken by authorities to stop the problems of flash creditors, finance ministers have yet to be reassured. Additionally, the market sentiment is being impacted by the moderate increase in interest rates by the U.S. Federal Reserve and possible hints about the end of the cycle of monetary tightening.


Overall, the current market sentiment suggests that the price of crude oil may test the support level of $70 per barrel.