The Reserve Bank of Australia surprised analysts, dropping its key interest rate for the seventh time since 2011. The Bank stated that this change was justified by the current inflation rate, which is lower than forecast, and the weak job market. The press release also noted the persistent vigour of the AUD, despite the drop in the prices of commodities and Australia's fundamental data. Further to the news, the AUD lost 50 points against the greenback, and the drop is continuing. After the ECB last week, it is the Reserve bank of Australia’s turn to make a move in the currency war.
• Over the last 24 hours, the Nikkei, Japan’s main market indicator, reached its highest level in five years, while the German DAX and U.S. SP&500 reached new highs. Appetite for risk is still apparent today, with the U.S. futures market pointing to a positive opening.
• Given that no important news is expected today, the USD/CAD pairing may be subject to the whims of the stock markets. Gardy Pharel
• Range of the day: 1.0030-1.0100
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USD/CAD Pairing May Be Subject To The Whims Of The Stock Markets
Published 05/07/2013, 08:11 AM
Updated 05/14/2017, 06:45 AM
USD/CAD Pairing May Be Subject To The Whims Of The Stock Markets
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