Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Forex News: Aussie Bought on Unchanged RBA Policy, Improved Fundamentals  Join our daily free Newsletter

MENAFN - DailyFX - 06/11/2012

No. of Ratings : 0
Add to Mixx!


 


THE TAKEAWAY: RBA keeps rate unchanged at 3.25 percent > Slightly improved economic data and positive trending domestic growth key underlying factor > Aussie trades higher

The Australian Dollar traded higher across the board as the Reserve Bank of Australia kept its key benchmark lending rate unchanged at 3.25 percent citing information on the world economy was “slightly more positive” and domestic growth was running “close to trend” over the past year. Moreover, financial conditions appear strong as policy officials mentioned banks had no difficulty accessing funding. The central bank also said the housing market improved along with rising share prices as evidence underscoring the rate hold.

However, officials noted cause for concern as Asia growth has been “dampened” by European weakness while a domestic return to very strong consumption was seen as unlikely. Interestingly, policy officials voiced little concern over the dismal export data released yesterday that posted the continuation of a 5 month slide throughout its largest trading partners.

It’s unclear whether Forex traders will continue to bid-up the high yielding currency as price action approaches a long-term descending resistance line around 1.0517 area. Conversely, the central bank also said it expects further rate cuts over time which may cause FX traders to unwind their carry positions where price action may find support around the 1.0176 area.

AUD/USD, 1 Minute Chart

Forex_News_Aussie_Bought_on_Unchanged_RBA_Policy_Improved_Fundamentals_body_Picture_1.png, Forex News: Aussie Bought on Unchanged RBA Policy, Improved Fundamentals

AUD/USD, Daily Chart

Forex_News_Aussie_Bought_on_Unchanged_RBA_Policy_Improved_Fundamentals_body_Picture_4.png, Forex News: Aussie Bought on Unchanged RBA Policy, Improved Fundamentals

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help