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Aussie Declines On Reduced Interest Rates

ByFirst Binary Option Service
Published 07/02/2013, 02:55 AM
Updated 03/09/2019, 08:30 AM

Australian dollar returned to fall against its U.S. counterpart and other major currencies after the Australian Central Bank fixed interest rates at their lowest level of 2.75%. Australia's Central Bank confirms full approval on the lower local currency. It goes without saying that this increases the demand on the sale of the Australian currency.

Mr. Glenn Stevens, Chief of Australian Central Bank, said that the Australian dollar is still higher than the assumed level, and it is waiting for a further decline in the levels of the Australian dollar as it helps to rebalance the economy under the new exchange rates.

Today, Australian dollar's decline comes after his attempts to rise two days ago in order to correct technical indicators, but the downside momentum is still dominant on the performance of the Aussie which makes us expect that the downward trend is the main direction of the currency in the short to medium term.

The Australian dollar fell against the U.S. dollar to the 0.0.9248 level after starting the session today at the 0.9240 level. The same scenario, the Australian dollar fell against the Yen to 91.28 level after opening of trading at the 92.05 level. The Japanese Yen continued to fall against the USD which leads rising Dollar / Yen to the 99.74 level near its highest level in three weeks. This comes amid investors' appetite for selling the Yen and a risky desire to buy other currencies or invest in the stock markets.

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