FXStreet (Edinburgh) – The research team at BBH assessed the recent RBA meeting and prospects for the Aussie dollar.
Key Quotes
“RBA met overnight and left rates steady at 2%, as expected”.
“The bank also kept the language on the Australian dollar and its adjustment to the moves in commodity prices”.
“Q2 current account was also reported, and came in at wider than expected deficit of –AUD19 bln vs. –AUD15.9 bln consensus. Q1 deficit was also revised wider”.
“Australia reports Q2 GDP Wednesday (2.2% y/y consensus) and then July trade (-AUD3.2 bln consensus) and retail sales (0.4% m/m consensus) Thursday”.
“AUD is nearing a test of the cycle low near .7050 from last month, and losses are likely to be extended”.
(Market News Provided by FXstreet)