Despite the economic trouble in the Pacific region, Bank of Australia’s decision to lower the refinancing rate from 2.00% to 1.75% lead to an improvement in some sectors of the economy, namely on the job market. BoA’s representatives are rather conservative when it comes to changing the key economic indicator in the country, and very few people expect it to be fiddled with at the upcoming meeting.
If the refinancing rate remains unchanged, the Australian dollar will be strengthened.
Also, Retail Sales report and Trade Balance report will be published this week (on July 5 at 04:30 GMT +3):
AUDUSD chart:
Last week Australian dollar gained some position back against US Dollar, but according to the indicator of technical analysis this is yet to be a trend, most likely this is still an upward correction after the “Brexit”. It is expected that the situation will settle down next week and it will be possible to analyze the formation of new trends.
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