The Australian dollar attempted to rally today on the relatively hawkish remarks from the central bank’s chief and on the news from China. The Aussie pared its initial gains versus the greenback but managed to hold ground against some other majors, including the euro.
Glenn Stevens, Governor of the Reserve Bank of Australia, damped prospects for an interest rate hike in the near future. He said:
We’ve got Christmas. We should just chill out, come back and see what the data says.
Meanwhile, China (Australia’s biggest trading partner) made another move to stimulate its slowing economic growth.
AUD/USD traded at about 0.7243 as of 14:02 GMT today after rallying from 0.7250 to 0.7282 intraday. Meanwhile, EUR/AUD dropped from 1.4664 to 1.4619.
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