The Australian Dollar rose sharply. Overview for 01.11.2016
01.11.2016
The AUD/USD pair is strengthening on Monday after the regulator’s decision to leave the monetary policy intact.
On Monday, the Australian Dollar is growing against the USD. The current quote for the instrument is 0.7677.
Today, another meeting of the RBA was over. The interest rate and the monetary policy remained unchanged, just as expected.
The RBA’s comments say that the current value of the interest rate is appropriate in comparison with the inflation and the CPI target. According to the official report, the inflation in Australia in the third quarter met the expectations, but in the mid-term will still remain under 2-3%. The labor market is still rather complicated, although there are reasons to assume that the employment may expand in the nearest future. The construction market is not in its best shape as well, the rate of new houses price growth is lower than it was a year ago.
On top of that, slowdown of the global economic situation also serves as a deterrent. It’s quite interesting that the new Governor of the RBA doesn’t say that the strong national currency is negative for the country’s economy.
The Chinese statistics published in the morning provided support to the Aussie as well. The Manufacturing PMI in October improved up to 51.2 points after 50.4 points the month before. This is a good sign.
RoboForex Analytical Department
On Monday, the Australian Dollar is growing against the USD. The current quote for the instrument is 0.7677.
Today, another meeting of the RBA was over. The interest rate and the monetary policy remained unchanged, just as expected.
The RBA’s comments say that the current value of the interest rate is appropriate in comparison with the inflation and the CPI target. According to the official report, the inflation in Australia in the third quarter met the expectations, but in the mid-term will still remain under 2-3%. The labor market is still rather complicated, although there are reasons to assume that the employment may expand in the nearest future. The construction market is not in its best shape as well, the rate of new houses price growth is lower than it was a year ago.
On top of that, slowdown of the global economic situation also serves as a deterrent. It’s quite interesting that the new Governor of the RBA doesn’t say that the strong national currency is negative for the country’s economy.
The Chinese statistics published in the morning provided support to the Aussie as well. The Manufacturing PMI in October improved up to 51.2 points after 50.4 points the month before. This is a good sign.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.