The Australian dollar could be hitting fresh lows after the latest economic reports failed to lift it up. The Reserve Bank of Australia maintained its cash rate for the 3rd month at 4.1% as anticipated by analysts. The central bank noted that further tightening may be required to bring inflation back to the target of 2%-3% but that will depend on the economic outlook and price behaviour. In addition, the struggling Chinese economy has weighed heavily on the Aussie with the latest report on service sector growth hitting an 8-month low.
The
AUDUSD has dropped over 100 points from 0.6460 as it heads towards 0.6370 for support. Failure to incite buying pressure from the near-term support exposes 0.6270 support which was the low of November 2022.
The
AUDUSD has dropped over 100 points from 0.6460 as it heads towards 0.6370 for support. Failure to incite buying pressure from the near-term support exposes 0.6270 support which was the low of November 2022.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.