News Column

Australian Dollar Advances After RBA Rate Decision

June 30, 2014



CANBERA (Alliance News) - The Australian dollar strengthened against the other major currencies in the Asian session on Tuesday after the Reserve Bank of Australia left its key interest rate unchanged at a record-low level as widely expected by economists.

The monetary policy board maintained the cash rate at 2.50%. The rate has been at the current level since August 2013.

The Australian dollar rose to nearly a 3-month high of 0.9452 against the US dollar, from an early low of 0.9412. At yesterday's close, the Australian dollar was trading at 0.9429.

Moving away from early lows of 1.4477 against the NZ dollar, 95.41 against the yen and 1.0045 against the Canadian dollar, the aussie climbed to a 6-day high of 1.0782 , a 1-week high of 95.86 and a 5-day high of 1.0085, respectively. The aussie was quoted at 1.0762 against the kiwi, 95.54 against the yen and 1.0059 against the loonie at yesterday's close.

Against the euro, the Australian dollar advanced to 1.4477, from an early low of 1.4538. The euro-aussie pair closed yesterday's deals at 1.4511.

If the Australian dollar extends its uptrend, it is likely to find resistance around 0.95 against the greenback, 1.43 against the euro, 1.08 against the kiwi, 1.01 against the loonie and 96.39 against the yen.



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Source: Alliance News


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