Australian dollar drops in Asia on RBA remarks

Australian dollar drops in Asia on RBA remarks

On Friday, the Australian dollar sank in Asia after the major bank indirectly hinted that a record minimum cash rate of 1.5% wouldn’t be changed and markets shifted attention to American nonfarm payrolls as well as major surveys in France this weekend.

The currency pair AUD/USD edged down 0.19%, hitting 0.7395, while EUR/USD reached 0.08%, being worth 1.0975. 

As for USD/JPY, this pair added 0.11%, demonstrating 112.59. In a recent interview, BOJ Governor Haruhiko Kuroda told that aggressive monetary easing is actually working to raise prices.

Assessing the US dollar’s actual value versus its six main counterparts, the US dollar index, inched up 0.09%, being worth 98.70.

On Friday, the Reserve Bank of Australia issued its latest monetary policy statement with few surprises regarding economic surge expectations over the next two years, indirectly hinting that further interest rate drops were off the table. It’s because wage revenues are much weaker than expected, although house prices in some markets are still a concern. 

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