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Australian Dollar Weakened by RBA Rate Cut Speculation

Yesterday’s high: AU$1.6989

Yesterday’s low: AU$1.6796

RBA

The Australian Dollar fell against the majority of its peers on Monday following suggestions from economists that a decline in Australian retail sales in both July and August could prompt the Reserve Bank of Australia’s (RBA) next move to be an interest rate cut rather than a hike, as many previously believed.

However the ‘Aussie’ began to push back overnight following the release of the latest domestic Business Confidence figures as September’s sentiment index leapt from 5 to 7.

Meanwhile, the Pound pusher higher on Monday as fears that Theresa May could face a leadership contest began to subside, with investors becoming more confident that there will not be any regime change at the top of government anytime soon.

AUD Outlook: UK Trade Deficit to Narrow?

Expectations that Britain trade deficit will have narrowed slightly in August may allow the Pound to push even higher this morning as the UK releases its latest Trade Balance.

The Australian Dollar may slip again overnight on Tuesday as Westpac publishes its latest consumer confidence index, with Australian household sentiment expected to have slipped in October.

Key Events

10th October

09:30 UK Trade Balance Aug

11th October

01:30 AU Consumer Confidence 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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