Thu, March 28, 2024

Australian Money Crumbles, RBA Hints February Easing

Wibest – Australian Money: Australian dollar bills and coins.

The Australian money collapses in forex trading yesterday following the alarming tone of the RBA on its meeting minutes. The Reserve Bank of Australia released its official minutes earlier this week, Monday, which worried investors about the country’s economy.

In its latest monetary policy meeting this month, the reserve bank spared AUD traders and opted not to ease rates. Just recently, the bank held onto its official cash rate at 0.75%

However, the recently released minutes showed that the bank still has more space to cut its rate.

This raised speculations on whether the RBA will ease its monetary policy as early as February next year.

According to the bank, it still has room to slash rates deeper if deemed necessary. It took almost a day for the Australian money to sink in trading sessions following the release.

But before the meeting’s minutes were released, the Australian money was basking in the risk appetite it gained from trade agreement reports.

The RBA’s minutes also suggest that the reserve bank is pessimistic about the chances of boosting wages and household consumption.

How Far It Fell?

The Australian money contract collapsed by 0.54% or 0.0037 points yesterday. It also caused a domino effect on the New Zealand dollar whose contract also fell by 0.48% or 0.0032 points in Tuesday’s trading sessions.

Wibest – Australian Money: Australian dollar bank note.Meanwhile, the AUD NZD exchange rate dipped 0.16% or 0.0016 points in yesterday’s trading. The Australian money extended its loss against the kiwi from NZ$1.0439 to as low as NZ$1.0399 in sessions.

The AUD USD plunged 0.61% or 0.0042 points and the pair reached ranges from $0.6839 to $0.6886. The EUR AUD pair surged 0.74% or 0.0120 points yesterday, extending its gains from AU$1.6184 to AU$1.6315.

Despite losses against the greenback and single currency, the Australian money gained against the pound sterling thanks to Brexit woes. The GBP AUD trading pair slipped lower by 0.70% or 0.0135 points in sessions.

YOU MAY ALSO LIKE

Ford

Quick Look: CVA Family Office LLC snaps up 4,559 shares of Ford

The government aspires to make Portugal Europe's top producer of prime lithium for electric car batteries.

Quick Look: Atlas Lithium signs investment and offtake agreements with Mitsui. Mitsui

Stocks and various factors, Baltimore

Quick Look: The Francis Scott Key Bridge in Baltimore collapsed after a

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex

BROKER NEWS

Stock Report – stock exchange background – WibestBroker

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex in