Three Currencies to Watch This Week
We prepared an outlook of major events of this week. Check it and be ready!
Will the RBA Rate Statement push the Australian dollar up?
The Reserve Bank of Australia’s Rate Statement is at 05:30 MT time on December 3.
The Reserve Bank of Australia has been keeping the interest rate at 0.75% since October. From a historical perspective, it is a record low. From the operational perspective, the Bank needs time to observe the results of the three rate cuts delivered in June, July, and September this year. Hence, the analysts do not expect another cut on December 3. However, the policymakers made it clear that they would continue the monetary ease if the country does not reach full employment, sustainable growth, and inflation targets. Otherwise, if the Australian economy shows resilience in the context of the global economic slowdown, the rate will not be changed, and the AUD will rise.
- If the RBA is hawkish, the AUD will rise;
- If the RBA is dovish, the AUD will fall.
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