The Australian dollar was the strongest currency on the Forex market today as traders were cautiously optimistic, waiting for the outcome of the US-China trade negotiations in Washington. The chief of Australia’s central bank reiterated that chances of an interest rate cut increased, but that hardly affected the currency.
Philip Lowe, Governor of the Reserve Bank of Australia, was speaking today. He made some dovish remarks, talking about “the accumulation of downside risks.” As a result, Lowe reiterated that an interest rate cut is as likely as a hike:
Today, the probability that the next move is up and the probability that it is down are more evenly balanced than they were six months ago.
Previously, the RBA considered a move up to be more likely than down.
AUD/USD gained from 0.7089 to 0.7111 as of 12:37 GMT today. EUR/AUD declined from 1.5980 to 1.5931.
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