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Australian Dollar Holds Steady as RBA Meeting Proves Uneventful

Yesterday’s high: AU$1.7147

Yesterday’s low: AU$1.7069

RBA Looks Set to Leaves Rates on Hold for the Foreseeable Future

The Australian Dollar remained largely stable overnight following the Reserve Bank of Australia (RBA)’s latest policy meeting, with the Bank voting to leave interest rates on hold, as expected.

RBA policymakers also appeared dovish on the possibility of future rate hikes, appearing wary over pressures on consumers amidst slow wage growth.

Meanwhile the Pound pushed higher on Monday as investors shifted their focus from the Bank of England’s (BoE) dovish policy meeting last week towards Brexit and the developing harassment scandal plaguing the government.

AUD Outlook: Fall in UK Services PMI to Prompt Further Sterling Losses?

Looking ahead the Australia Dollar may retreat later this evening with the release of Australia’s latest Construction PMI, as analysts forecast that activity in the nation’s building sector slowed in October.

However a lull in domestic data until the tail end of the week may see Sterling struggle to take advantage of any weakness in the ‘Aussie’, unless markets find some positive Brexit sentiment.

Key Events

7th November

23:30 AU Construction Index Oct

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To keep up to date with the Australian Dollar, visit the AUD blog in our Currency News section.

James Baxter

Senior Currency Broker
T: 01442 892 062

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