Investing.com – Australia’s dollar was down against its U.S. counterpart on Tuesday, falling to a 2-day low, as downbeat comments from the Reserve Bank of Australia’s Governor added to fears over the global economic recovery.
AUD/USD hit 0.9093 during European afternoon trade, the pair’s lowest since September 3; the pair subsequently consolidated at 0.9114, shedding 0.66%.
The pair was likely to find support at 0.9053, the low of September 2, and resistance at 0.9180, Monday’s high.
Earlier in the day, the RBA said it was keeping its benchmark interest rate unchanged at 4.50% in September, in line with expectations.
Commenting on the decision, RBA Governor Glenn Stevens said, "With growth in the near term likely to be close to trend, inflation close to target and with the global outlook remaining somewhat uncertain, the Board judged this setting of monetary policy to be appropriate for the time being."
Governor Stevens added that while “The global economy grew faster than trend over the year to mid 2010, it will probably ease back to about trend pace over the coming year.”
Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.37% to hit 1.3983.
Earlier on Tuesday, reports showed that Australia’s Labor Party retained power after Prime Minister Julia Gillard had successfully formed a minority government supported by independent lawmakers.
AUD/USD hit 0.9093 during European afternoon trade, the pair’s lowest since September 3; the pair subsequently consolidated at 0.9114, shedding 0.66%.
The pair was likely to find support at 0.9053, the low of September 2, and resistance at 0.9180, Monday’s high.
Earlier in the day, the RBA said it was keeping its benchmark interest rate unchanged at 4.50% in September, in line with expectations.
Commenting on the decision, RBA Governor Glenn Stevens said, "With growth in the near term likely to be close to trend, inflation close to target and with the global outlook remaining somewhat uncertain, the Board judged this setting of monetary policy to be appropriate for the time being."
Governor Stevens added that while “The global economy grew faster than trend over the year to mid 2010, it will probably ease back to about trend pace over the coming year.”
Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.37% to hit 1.3983.
Earlier on Tuesday, reports showed that Australia’s Labor Party retained power after Prime Minister Julia Gillard had successfully formed a minority government supported by independent lawmakers.