Australian Dollar Slides Following RBA Monetary Policy Meeting
The Australian dollar weakened against other major currencies in
the Asian session on Tuesday, after the Reserve Bank of Australia
left its benchmark rate unchanged on Tuesday after a quarter point
hike in November.
The policy board of the RBA, governed by Michele Bullock,
decided to maintain the cash rate target at 4.35 percent. The board
also retained the interest rate paid on Exchange Settlement
balances at 4.25 percent.
"Holding the cash rate steady at this meeting will allow time to
assess the impact of the increases in interest rates on demand,
inflation and the labour market," the bank said.
According to the bank, the case for further tightening of
monetary policy to bring inflation back to the target in a
reasonable timeframe will depend upon the data and the evolving
assessment of risks.
The Asian stock markets traded lower, following the broadly
negative cues from Wall Street overnight, on rising treasury yields
and as a stronger dollar weighed on commodity prices that took down
materials and energy stocks. Traders also react to some economic
data from the region.
Traders now look ahead to the release of the U.S. Labor
Department's closely watched monthly jobs report on Friday, for
more clues on interest rate outlook.
The Australian dollar traded lower against its major rivals on
In the Asian trading today, the Australian dollar fell to a
4-day low of 1.6494 against the euro and a 3-week low of 96.72
against the yen, from yesterday's closing quotes of 1.6369 and
97.43, respectively. If the aussie extends its downtrend, it is
likely to find support around 1.68 against the euro and 94.00
against the yen.
Against the U.S., the New Zealand and the Canadian dollars, the
aussie dropped to a 5-day low of 0.6571, more than a 1-1/2-month
low of 1.0692 and nearly a 3-week low of 0.8913 from yesterday's
closing quotes of 0.6619, 1.0733 and 0.8960, respectively. On the
downside, 0.63 against the greenback, 1.05 against the kiwi and
0.87 against the loonie are seen as the next support levels for the
Looking ahead, final HCOB PMI reports for November from various
European countries and U.K. and Eurozone PPI for October are due to
be released in the European session.
In the New York session, U.S. and Canada PMI reports for
November and U.S. Redbook report are slated for release.
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