The price of the Australian dollar has reached a strong level 0.9100, but could not break through it and started to correct against the publication of minutes of meetings of the Reserve Bank of Australia. On the basis of the protocols, we can conclude that the RBA is not going to increase interest rates and thus retains the possibility of further easing of monetary policy to support economic growth and to fight the high exchange rate of the national currency. Inflation target remains at 2.0%, and leading indicators testify the likelihood of improvement in the labor market of the country.
In addition, it is worth noting that a number of international companies plan to close production capacity in Australia. At the same time, the national currency is under the pressure of reduction of growth of industry and the problems in the construction sector of the country's largest trading partner - China.
We keep medium and long term negative outlook for the Australian dollar.
Wish you the profits!
FXFINPRO Capital Analytical department.