The Australian Dollar is unable to continue rising. Overview for 02.06.2020
AUDUSD is stuck at its four-month highs; it’s exhausted and can’t continue rising so far.
On Tuesday morning, the Australian Dollar is not very active against the USD. The current quote for the instrument is 0.6799.
The Reserve Bank of Australia had another meeting today and decided to keep the key interest rate intact at 0.25%. Frankly speaking, no changes were expected: the rate is already at its lowest point.
In general, the current parameters of the monetary policy are exactly where the RBA wants to see them. Today’s economic situation in the country is looking better than predicted but still a bit worse than the most optimistic scenario.
There are reasons to believe that the low interest rate and the current stimulus package will remain in force until the Australian economy starts emerging from an economic and financial crisis caused by the coronavirus pandemic and quarantine restrictions. In this case, September may seem as some kind of a passing point: in this month, most global economies are expected to start reviving and Australia will be one of them.
The Reserve Bank of Australia said nothing good or bad about the Aussie. Investors are confused but the bullish scenario for AUDUSD is looking quite promising.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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