The Australian dollar declined sharply following the RBA rate statement. The 6 February AUDUSD Fundamental Outlook shows how the pair trades currently.
6 February, OctaFX – Earlier in the day, the Reserve Bank of Australia (RBA) held its trend-setting interest rate at 1.5%, as was expected by virtually every analyst following the central bank. That being said, the outlook on the domestic economy remains robust.
“The Bank’s central forecast for the Australian economy is for GDP growth to pick up, to average a bit above 3 percent over the next couple of years,” the RBA said in its official statement. “The data over the summer have been consistent with this outlook. Business conditions are positive and the outlook for non-mining business investment has improved. Increased public infrastructure investment is also supporting the economy. One continuing source of uncertainty is the outlook for household consumption. Household incomes are growing slowly and debt levels are high.”
6 February AUDUSD Fundamental Outlook
The Australian dollar declined sharply following the RBA rate statement, with the AUD/USD currently trading at session lows. The pair is down 0.5% at 0.7850 and faces continued downside as prices fail to extend beyond 0.7900. Overall, the market remains bearish below 0.8000. A future breakdown could expose the low from 10 January (0.709).
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