The Australian money, or AUD, rises in today’s trading ahead of the highly anticipated meeting of the RBA. Next week Tuesday, the Reserve Bank of Australia is set to announce its decision whether to hold or move its interest rates.
As the RBA meeting approaches, the Australian money is doing its best to take advantage of its position. However, some analysts believe that the AUD’s drive to push further may be limited, saying that its direction will depend on Tuesday’s outcome.
The Australian money showed solid command in markets as traders focus on it. The market is also anticipating rate cuts from the RBA as other banks decide to hold on to record lows.
Lenders believe that the RBA will cut its benchmark for borrowing costs from 1% to 0.75%. But traders are not fully preparing for the move, saying that there are still uncertainties looming.
The Reserve Bank of Australia has cut its interest rates twice this year in the hopes of meeting its inflation target. The RBA has lowered the borrowing costs to stoke faster growth for the Australian economy.
Results, Results, Results.
The Australian money pushed other currencies on the edge as it saw gains in today’s trading session.
The AUD/NZD trading pair went up by 0.28%, or 0.0030 points in sessions, currently trading at NZ$1.0738. the pair has seen ranges between NZ$1.0712 and NZ$1.0749 in Friday’s trading.
Another pair that gained is the AUD/USD, inching up by 0.20%, or 0.0014 points, the pair presently trades ate $0.6762. The pair have recorded levels between $0.6744 and $0.6764 in today’s sessions.
The Australian money also pushed the single currency towards the red territories in sessions. The EUR/AUD pair contracted by 0.14% or 0.0022, the pair currently fluctuates from AU$1.6137 to AU$1.6193.
And lastly, the GBP/AUD went down by 0.38% or 0.0070 points, exchanging for AU$1.8185 in sessions. The pair has reached levels from AU$1.8156 to AU$1.8289 in Friday’s forex sessions.
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