The Australian dollar fell today even though the nation’s central bank refrained from cutting interest rates. Worse-than-expected domestic data might be one of the reasons for the currency’s drop.
The Reserve Bank of Australia decided to keep monetary policy the same but said that it may change its stance depending “further information”, including the impact of the Brexit on the global economy. As for economic data, retail sales grew 0.2% in May, failing to meet market expectations of 0.3% growth. The trade balance deficit widened from A$1.79 billion in April to A$2.22 billion in May instead of shrinking as analysts had promised.
AUD/USD dropped from 0.7537 to 0.7479 as of 12:39 GMT today. EUR/AUD climbed from 1.4789 to 1.4899.
If you have any questions, comments or opinions regarding the Australian Dollar,
feel free to post them using the commentary form below.
