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Forex News: Australian Dollar Falls After RBA Debelle's Comments

Australian Dollar Falls After RBA Debelle's Comments

08/27/2019 - 03:44:00 (RTTNews)

(RTTNews) - The Australian dollar declined against its major counterparts in the Asian session on Tuesday, after the Reserve Bank of Australia Deputy Governor Guy Debelle remarked that the depreciation of the domestic currency could serve as a shock absorber in crisis.

Speaking to the Economic Society of Australia in Canberra, Debelle remarked that the US-China trade war constituted a "significant risk" to the economy.

Debelle said Australia has been a major beneficiary of the global rules-based trading system.

"The current threats to the system are a significant risk to both Australia and the world," he said.

He added that Australia's central bank would examine unconventional monetary options if the cash rate was slashed to 0.5 percent, but such policy adjustments may not be needed at present.

The aussie declined to 0.6748 against the greenback, from a high of 0.6780 hit at 6:15 pm ET. If the aussie falls further, 0.64 is seen as its next support level.

The aussie fell to 1.6465 against the euro and 0.8931 against the loonie, from its early highs of 1.6373 and 0.8985, respectively. The aussie is likely to face support around 1.68 against the euro and 0.88 against the loonie. Reversing from a high of 71.93 hit at 6:00 pm ET, the aussie edged down to 71.27 against the yen. The aussie is seen finding support around the 0.69 level.

The aussie held steady against the kiwi, after climbing a 5-day high of 1.0617 at 12:45 am ET. The pair ended Monday's trading at 1.0592.

Looking ahead, U.K. mortgage approvals for July are due in the European session.

In the New York session, U.S. consumer sentiment index for August, S&P/Case-Shiller home price index and Federal Housing Finance Agency's house price index for June will be featured.

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