Aussie Retreats to Opening Level After Rally

The Australian dollar rallied after the minutes of the latest central bank’s policy meeting but retreated later and now trades near the opening level. It is possible that the currency will fall even further.

The Reserve Bank of Australia released the minutes of its November meeting today. The minutes said nothing particularly new, reiterating that the currency is too strong and a period of stable monetary policy is expected. The Aussie attempted to rally despite absence of supportive factors but lost its upward momentum and is not struggling to stay above the opening level.

AUD/USD rallied from 0.8705 to 0.8747 before retreating to 0.8710 as of 10:45 GMT today. AUD/JPY traded at 101.59 following the advance from 101.53 to 102.23.

If you have any questions, comments or opinions regarding the Australian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *