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Forex News: Australian Dollar Falls After RBA Keeps Rates At

Australian Dollar Falls After RBA Keeps Rates At Record Low

10/03/2017 - 02:44:00 (RTTNews)

(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on Tuesday, after Australia's central bank kept its record low interest rate unchanged, as widely expected.

The board of the Reserve Bank of Australia, governed by Philip Lowe, maintained the cash rate at 1.50 percent. The outcome of the meeting came in line with expectations. The interest rate has been at this level since September 2016.

In other economic news, data from the Housing Industry Association showed that new home sales in Australia increased notably in August. Total home sales climbed 9.1 percent month-over-month in August, driven by very strong results in Victoria and Western Australia.

Data from the Australian and New Zealand Banking Group showed that Job advertisements in Australia showed no variations in September after rising in the previous six months. On a seasonally adjusted basis, total job ads remained flat in September, following a 1.7 percent rise in August.

Annual growth in job ads eased to 12.5 percent in September from 13.3 percent in the prior month.

Data from the Australian Bureau of Statistics showed that the total number of building permits issued in Australia was up a seasonally adjusted 0.4 percent on month in August, coming in at 18,514. That was shy of expectations for a gain of 1.0 percent following the 1.7 percent decline in July.

On a yearly basis, building approvals tumbled 15.5 percent, but that still beat forecasts for a decline of 17.2 percent following the 12.6 percent contraction in the previous month.

In the Asian trading, the Australian dollar fell to a 2-1/2-month low of 0.7792 against the U.S. dollar, from yesterday's closing value of 0.7825. The aussie may test support near the 0.76 region.

The aussie dropped to 88.15 against the yen, from yesterday's closing value of 88.22. On the downside, 87.00 is seen as the next support level for the aussie.

Against the euro and the Canadian dollar, the aussie edged down to 1.5026 and 0.9766 from an early 5-day high of 1.4971 and a 4-day high of 0.9804, respectively. If the aussie extends its downtrend, it may find support around 1.51 against the euro and 0.96 against the loonie.

Meanwhile, the NZ dollar also fell against its major rivals after the RBA rate decision.

The NZ dollar fell to nearly a 1-month low of 0.7154 against the U.S. dollar and a 5-day low of 1.0895 against the Australian dollar, from yesterday's closing quotes of 0.7195 and 1.0874, respectively. If the kiwi extends its downtrend, it could find support around 0.70 against the greenback and 1.10 against the aussie.

Against the euro and the yen, the kiwi dropped to 1.6355 and 80.97 from yesterday's closing quotes of 1.6304 and 81.11, respectively. The aussie may test support near 1.66 against the euro and 79.00 against the yen.

Looking ahead, Markit/CIPS U.K. construction PMI for September and Eurozone PPI for August are due to be released later in the day.

The Bank of England will publish record of the Financial Policy Committee's September meeting at 4:30 am ET.

At 8:30 am ET, Federal Reserve Governor Jerome Powell is expected to speak about regulatory reform at a financial regulation event jointly hosted by Reuters and George Washington University, in Washington DC.

At 12:30 pm ET, the Bank of Canada Deputy Governor Sylvain Leduc is scheduled to speak about Canadian business creation and productivity at the Sherbrooke Chamber of Commerce, in Quebec.

German banks will be closed in observance of German Unity Day holiday.

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