Aud news

You're looking for the latest news on AUD (Australian Dollar)!

Here are some recent updates:

AUD/USD:

• The Australian dollar has been trading within a narrow range against the US dollar, with the AUD/USD pair hovering around 0.72.
• The Reserve Bank of Australia (RBA) has kept interest rates unchanged at 0.1% in its latest monetary policy decision, citing the need to support the economy during the pandemic.
• The Australian economy is expected to recover slowly, with the RBA forecasting a 3.5% contraction in GDP this year.

Economic Indicators:

• Australia's unemployment rate rose to 7.5% in July, up from 7.4% in June, according to the Australian Bureau of Statistics (ABS).
• The country's retail sales fell 3.4% in June, the largest decline since March 2020, as lockdowns and social distancing measures took a toll on consumer spending.
• Australia's trade balance swung into a deficit in June, with a gap of AUD 1.4 billion, as exports fell 4.5% and imports rose 2.5%.

Market Analysis:

• The AUD has been supported by the country's strong commodity exports, particularly iron ore and coal, which have helped to offset the impact of the pandemic on the economy.
• The RBA's dovish stance on interest rates has also helped to underpin the AUD, as investors seek higher-yielding assets in a low-rate environment.
• However, the AUD remains vulnerable to global market sentiment and the ongoing pandemic, which could continue to weigh on the currency.

Forecasts:

• The consensus forecast among economists is for the AUD/USD pair to trade within a range of 0.70-0.75 in the coming months, with some predicting a slight appreciation due to the country's strong commodity exports.
• The RBA is expected to keep interest rates on hold for the foreseeable future, with some economists predicting a rate cut in the second half of 2021 if the economy continues to struggle.

Stay tuned for further updates on the AUD and the Australian economy!