For me the next moves on the Australian Dollar are likely to hinge on the Reserve Bank of Australia’s minutes from its interest rate meeting held earlier this month. These minutes may well give insight into the central banks thoughts regarding its influence over interest rates in the months to come. The RBA have in the past been quite open about the strength of the dollar hindering exports and reducing the competitiveness of Australian products. Australia is particularly reliant on exporting raw materials and a strong dollar does not help demand for these raw materials. Recently the RBA cut interest rates and this seemed to do very little to the value of the Aussie, what else will they have up their sleeve? These minutes could well be key to short term trends on the AUD and any mention of further rate cuts could weaken the dollar creating some good buy opportunities for those that are in a position to take advantage.
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