The Australian Dollar to US Dollar (AUD/USD) exchange rate fell by
0.3% at the close of the week in spite of a better-than-forecast
Chinese Manufacturing PMI.
After the Bank of Canada (BOC) announced a surprise interest rate cut the Australian Dollar plummeted.
The unexpected decision from the BOC was largely due to the over 50% tumble in oil prices, and as the price of iron ore (a major Australian commodity) has also dropped, the announcement prompted concerns that the Reserve Bank of Australia (RBA) will cut borrowing costs in the near future in order to defend against domestic and international headwinds.
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Australian Dollar to US Dollar (AUD/USD) Exchange Rate below 80 Cents
Various factors put the Australian Dollar to US Dollar (AUD/USD) exchange rate under pressure this week, but it was the policy decisions of two major central banks which really kicked the ‘Aussie’ into touch.After the Bank of Canada (BOC) announced a surprise interest rate cut the Australian Dollar plummeted.
The unexpected decision from the BOC was largely due to the over 50% tumble in oil prices, and as the price of iron ore (a major Australian commodity) has also dropped, the announcement prompted concerns that the Reserve Bank of Australia (RBA) will cut borrowing costs in the near future in order to defend against domestic and international headwinds.
Read more Click here / www.trade4x.net
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