Australian Dollar Creeps Down During Monday’s Quiet Trading

The Australian dollar was moving gradually down during the Monday’s uneventful trading session.

The Aussie has started a longer-term decline back on September 21. While the currency was attempting to move sideways by the end of October, it has entered a shorter-term downtrend on November 3.

Analysts theorized that the currency’s weakness was a result of sluggish inflation, which did not pick up despite solid economic growth. And while the Reserve Bank of Australia preferred to stay passive recently, the next change in interest rates is more likely to be down, not up.

AUD/USD dropped from 0.7649 to 0.7626 as of 19:11 GMT today. EUR/AUD gained from 1.5232 to 1.5296, bouncing from the daily low of 1.5195.

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