AUD hits a nine-month low. Review for 17.08.2023
The Australian dollar, paired with the US dollar, is plunging rapidly. The current AUDUSD exchange rate stands at 0.6393.
Pressure on the AUD stems from multiple factors.
Firstly, the strength of the US dollar is driving other currencies to decline.
Secondly, internal indicators have raised concern among investors. Australia's unemployment rate surged to a three-month high, hitting 3.7% in July. The forecast anticipated a rise to 3.6%.
Thirdly, there is a flow of negative signals from China, which stands as Australia's primary trading partner. Consequently, any minor disruption from China immediately influences the AUD exchange rate.
Earlier in August, the Reserve Bank of Australia unexpectedly maintained its annual interest rate at 4.1%, contrary to market expectations of a 25-basis point increase.
Hence, the Aussie finds itself facing the utmost pressure possible.
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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