A statement of the Reserve Bank of Australia did not bring surprises. The interest rate remained at 2.50%. Head of the RBA, Glenn Stevens has once again declared the Bank's policy stability in the next periods. In addition, he stressed that the depreciation of the Australian dollar contributes to the balanced growth of the economy.
The manufacturing PMI in Australia disappointed investors and fell in March to 47.9, against 48.6 in the previous month. Similar index in China, according to HSBC fell to 48.0, which is 0.5 worse than the forecast.
We expect that the price of the Australian dollar will continue to decline inside the rising channel and will reach the bottom of the channel.
Wish you the profits!
FXFINPRO Capital Analytical department.