EUR: beating the USD so far
Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
The RBA has no clue what’s going on
The market anticipates the rate statement by the Reserve bank of Australia at 7:30 MT on October 1.
The speech by the RBA governor Philip Lowe on September 25 increased the chances of a rate cut during this meeting. According to the head of the bank, the regulator was “surprised” by the economic slowdown. It was not sure what else hurt the economy besides the global uncertainties, weak growth of the household prices and the drought. Besides the uncertain comments, Mr. Lowe said that the bank was ready to continue the easing policy to reduce unemployment and stimulate economic growth. That is why a rate cut by 25 basis points may happen and, therefore, may weaken the Australian currency.
• If the RBA cuts its rate, the AUD will fall;
• If the RBA does not cut its rate, the AUD will rise.
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EUR: beating the USD so far
Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
All attention to AUD: cash rate and RBA statement
The Reserve Bank of Australia will make a statement and release the cash rate on Tuesday, June 2, at 8:30 MT time.
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