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Traders await news from Australia
The Australian dollar has depreciated since the start of the year. The Reserve Bank of Australian seems satisfied with such situation as it keeps its interest rate at the record low of 1.5%.
In June, the central bank no longer said that it was “more likely that the next move in the cash rate would be up, rather than down”. This change had a negative impact on the Australian dollar.
The Reserve Bank of Australia will release its rate statement at 7:30 MT time on July 3. The possibility that the RBA will change its policy is very low. However, the central bank’s announcement can still be followed by big moves in AUD/USD, AUD/NZD, AUD/JPY, and other pairs containing the AUD. Traders will analyze the statement of the RBA and look for clues about its opinion about the current economic conditions as well as the future monetary policy. The dynamics of the AUD will depend on the tone of the RBA.
• Optimistic RBA – strong Australian dollar.
• Pessimistic RBA – weak Australian dollar.
Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
Australian monthly retail sales will be announced at 04:30 MT time (GMT+3) on Wednesday, July 21. T
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The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).