According to the results of the meeting of the Reserve Bank of Australia the interest rate has been kept at a record low of 2.50%. The reason for the continuation of the policy of low interest rates is a decline in economic activity due to the reduction of investment in the mining sector.
Head of the RBA noted the weakness of the housing market, the high cost of the national currency and export growth associated with the launch of new production capacities in the mining sector.
On this background, as well as due to the reduction of current account deficit of the country to 5.7 billion against the forecast of 7.1 billion, the price of the Australian dollar has resumed growth, but the potential for further increase is limited. We maintain a medium-term negative outlook for the Australian dollar, but we expect continued growth today.
Wish you the profits!
FXFINPRO Capital Analytical department.