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COZfx: AUD/USD steady after RBA meeting

Discussion in 'Analisa Fundamental' started by harryer, Dec 18, 2013.

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  1. harryer

    harryer Member

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    COZforex: The Australian dollar was steady against its US counterpart on Tuesday, after the Reserve Bank of Australia signalled the possibility for further rate cuts and comments by the country's Treasurer, while investors eyed the Federal Reserve's upcoming policy meeting.

    AUD/USD hit 0.8930 during late Asian trade, the session low; the pair subsequently consolidated at 0.8940, easing 0.06%. The pair is expected to find support at 0.8921, and a fall through could take it to the next support level of 0.8900. The pair is expected to find its first resistance at 0.8967, and a rise through could take it to the next resistance level of 0.8992.

    In commodities, LME Copper prices rise 1.5% or $107.0/MT to $ 7325.5/MT. Meanwhile, Aluminium prices dropped 0.3% or $5.0/MT to $ 1745.5/MT.

    The minutes of the RBA's December policy meeting earlier showed that the bank maintained the option of loosening monetary policy further due to an “uncomfortably high” currency. The report added that "given the substantial degree of policy stimulus that had been imparted, it was prudent to hold the cash rate steady."
    On December 3, the RBA held its benchmark interest rate at a record-low 2.5%.

    Separately, in the Treasury's Mid-Year Economic and Fiscal Outlook, Treasurer Joe Hockey pledged spending cuts after saying Australia’s budget deficit will expand to AUD47 billion this fiscal year. He added that growth is expected to be 2.5% this fiscal year, unchanged from the Treasury’s forecast ahead of the September 7 election.

    Official data showed that new motor vehicle sales in Australia rise 1.8% in November, after a downwardly revised 0.9% drop the previous month. In addition, the Conference Board said its leading index for Australia rise 0.5% in October, after a 0.3% gain in September.

    (COZ forex UK)
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