Disappointing RBA Meeting Minutes Pressure AUD
November 17th, 2009 Posted in Analyst Picks, Aussie - Kiwi
The Australian Dollar weakened from close to its strongest level since August 2008 after the release of less hawkish than anticipated minutes from the central bank’s most recent meeting. The release cast doubts regarding a third straight increase in the interest rate. The Reserve Bank of Australia (RBA) caused investors to pare back expectations for a December rate hike. Australia’s currency fell 1% to 92.71 U.S. cents from 93.69 cents yesterday, when it climbed to 94.06 cents, the strongest level since Aug. 1, 2008. New Zealand’s dollar decreased 0.5% to 74.44 U.S. cents, from 74.84 yesterday, when it rose to 75.24 cents, the highest level since Oct. 26.
