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A$ Still Vulnerable

A$ Still VulnerableA$ Still Vulnerable

The Australian dollar faced heavy selling pressure after the RBA unexpectedly cut the benchmark lending rate to 1.75% and subsequently hinted at further easing on the horizon in its Monetary Policy Statement, DailyFX reported. The currency suffered the largest weekly drawdown in a month, retreating back below the 0.74 figure against its US counterpart. The economic calendar thins out in the week ahead, leaving the Aussie to digest recent volatility. Broad-based worries about the pace of global economic growth appeared to become more acute last week. Stocks declined and Fed rate hike bets deteriorated.

 

Financialtribune.com