The Australian Dollar reached the June “bottom”. Overview for 21.11.2017
The AUD/USD pair continues falling; it reached five months’ lows after the RBA published its meeting minutes.
The Australian Dollar is still plummeting against the USD on Tuesday. The current quote for the instrument is 0.7547. It’s the lowest reading since June 12th this year.
This morning, they published the RBA Meeting Minutes of November 7th. As a rule, this report doesn’t attract a lot of attention, because the Reserve Bank of Australia has been rather conservation about its monetary policy recently. The rate is usually kept unchanged at 1.5% and it’s hardly a surprise for anybody. But not this time.
The RBA minutes say the GDP improvement looks weaker than it was predicted before. According to the regulator’s estimations, the Aussie behavior means a lot to the Australian economy, so if the national currency continues getting stronger, the rising impulse in the GDP may die out, and that’s a great risk. Among other risks, the RBA mentioned the consumption decline in the economy.
This negative news was partially “smoothed” by the comments about possible increase of the benchmark rate “any time soon”.
Nevertheless, the Aussie got under a significant pressure and continued the decline it started a month ago.
RoboForex Analytical Department
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