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Forex News: Australian Dollar Falls After RBA Rate Decision

Australian Dollar Falls After RBA Rate Decision

09/05/2017 - 04:01:00 (RTTNews)

(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on Tuesday, after Australia's central bank decided to leave its key interest rate unchanged at a record low.

The board of the Reserve Bank of Australia, governed by Philip Lowe, maintained the cash rate at 1.50 percent. The bank had reduced the rate by 25-basis points each in August and May last year.

The bank noted that the low level of interest rates is continuing to support the Australian economy.

In other economic news, data from the Australian Industry Group showed that the services sector in Australia continued to expand in August, although at a slower rate, with a Performance of Services Index score of 53.0. That's down sharply from 56.4 in July.

Data from the Australian Bureau of Statistics showed that Australia had a current account deficit of A$9.562 billion in the second quarter of 2017. That missed forecasts for a shortfall of A$7.5 billion following the downwardly revised A$4.754 billion deficit in the first quarter.

Data from the ANZ bank and Roy Morgan Research showed that Australia's consumer confidence improved for the second straight time during the week ended September 3. The consumer confidence index rose to 114.1 from 113.5 in the preceding week.

In the Asian trading, the Australian dollar fell to 1.4979 against the euro and 86.85 against the yen, from early highs of 1.4904 and 87.44, respectively. If the aussie extends its downtrend, it is likely to find support around 1.52 against the euro and 84.00 against the yen.

Against the U.S., the Canadian and the New Zealand dollars, the aussie dropped to 0.7948, 0.9854 and 1.1085 from an early 4-day highs of 0.7985, 0.9896 and 1.1129, respectively. The aussie may test support near 0.77 against the greenback, 0.96 against the loonie and 1.09 against the kiwi.

Looking ahead, PMI reports from major European economies for August, Eurozone retail sales data for July are due to be released later in the day.

At 5:10 am ET, Reserve Bank of Australia Governor Philip Lowe is expected to speak at the Reserve Bank Board Dinner, in Brisbane.

In the New York session, U.S. factory orders for July and U.S. durable goods orders for July are slated for release.

At 8:00 am ET, Federal Reserve Governor Lael Brainard is scheduled to speak about the economic outlook and monetary policy at the Economic Club of New York.

At 1:10 pm ET, Federal Reserve Bank of Minneapolis President Neel Kashkari is expected to speak about business leadership at the University of Minnesota, in Minneapolis.

For comments and feedback: contact editorial@rttnews.com

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