AUD puts its decline on halt. Overview for 26.06.2023
The Australian dollar is consolidating after a crash against the US dollar. The current AUDUSD quote is 0.6685.
After the decisive steps made by the RBA, investors are pausing to sort out their portfolios and calm down their nerves. All the important statistics have already been published, so it is time to account for it in the quotes objectively.
According to the Swiss bank (UBS), the Australian economy is currently at a turning point, and the chances for a recession are constantly increasing. This is because consumer spending is constantly falling. If the interest rate of the Reserve Bank of Australia continues growing, forecasts might become even graver, bringing the probability of a recession to 50%.
Statistics confirm this viewpoint. After the recent increase in the interest rate by the RBA, the savings volume of the population reached its lows since the global economic crisis. High inflation simply eats up the income, making consumers spend more and more of their savings.
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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