Australian dollar slides after key bank holds steady as expected

Australian dollar slides after key bank holds steady as expected

On Tuesday, the Australian dollar went down in Asia after the latest review of interest rates was intact at a record minimum.

The currency pair AUD/USD showed 0.7633, sliding 0.34% after the bank’s verdict expected to hold at a record minimum 1.50%.

Australia also posted retail sales for May with a revenue of 0.6% month-on-month, thus surpassing the expected 0.2% soar.

The American currency jumped versus global currencies, buoyed by manufacturing data, topped experts’ predictions, contributing to hopes that the Fed would lift its benchmark rate later in 2017.

The American dollar managed to regain ground against its counterparts, after data revealed that in June manufacturing activity went up to a three-year peak, pointing to solid economic surge.

According to the Institute for Supply Management, its manufacturing index rallied to 57.8 the previous month from May’s outcome of 54.9.

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