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Aussie Trading Higher despite Dovish Rate Statement
The Australian dollar (AUD) was seen trading higher versus most other currencies yesterday after news began to shift many traders back into riskier assets. The Aussie has been a top performer these past several months considering many traders bank on a strengthening of the AUD due to a rise in Chinese demand for Australian raw materials.
The Reserve Bank of Australia (RBA) released its latest monetary policy meeting minutes which revealed significant dovish sentiment by several members of its policy committee. The sentiment will likely result in a hold on future rate adjustments, and therefore will weaken the AUD over time. However, yesterday's news appears to have moved many investors towards riskier assets and a bet on growth, which favors a stronger Aussie. Today's leading index from the Melbourne Institute (MI) will likely drive more investment towards the Aussie as the recent bullish sentiment catches hold.
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