Article By RoboForex.com
The AUD/USD pair has been under pressure for the third day in a row and almost reached this year’s lows.
The Australian Dollar has been sold for the third consecutive trading session. Today, the AUD/USD pair updated this year’s low, which was reached on January 11th, and may fall even lower. The current quote for the instrument is 0.7391; the local “bottom” is at 0.7367.
The Aussie is getting weaker due to the decline of prices for commodity products, from oil to iron ore. The demand for the USD in major currency pairs, excluding the EURUSD, is one more reason.
On Friday, the Reserve Bank of Australia published its forecasts relating to the key macroeconomic indicators. For instance, the inflation in Australia is expected to be 2-3%, the core inflation may reach 2% by the beginning of 2018. I addition to that, the regulator believes that expectations relating to the CPI may also be revised for improvement.
The GDP expectation didn’t change. The RBA says the fact that the country’s economy is slowing down a bit may be connected to the consequences of tropical cyclone Debbie reaching the Australian coast. The cyclone reached category four out of five possible.
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So far, the market situation is not in favor of the Aussie, but the currency may rebound the next week.
RoboForex Analytical Department
Article By RoboForex.com
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