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Australian Dollar Supported By RBA Minutes

June 28, 2017
By Anatol Thomas
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Australian Dollar Supported By RBA Minutes

The value of a country’s currency directly depends on the Reserve Bank’s take on the economic condition. The Reserve Bank of Australia minutes were released after the policy meeting. Following the release of RBA data, the value of Australian dollar didn’t change much.

The Official Cash Rate is held at a record low value of 1.50% and it was expected widely. The rate futures market is not expected to experience any change in the OCR until the end of this year. Experts feel that this trend may continue well into the next year as well.

RBA has commented that it is watching the direction of the labor and housing markets. This means that policy decisions in the future will be affected by these two market data. Last week, the economic data released helped the AUD to gain against the USD.

RBA has expressed concerns about the rising Australian dollar. The economists opine that this may make it difficult for the economic adjustment. The under-employment and slow wage growth doesn’t help the economy to grow rapidly. However, these didn’t make a huge impact on the AUD/USD pair.