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The Australian Dollar diverged after the interest rate stabilized

2018-11-06 07:41 am | Resource: News | No Views : 49

 The Australian dollar traded slightly on Tuesday after the Reserve Bank of Australia left its overnight rate unchanged at 1.5%. The Australian central bank said it expected the inflation rate to "gradually" rise in inflation and to reach 3.5% GDP in the next few years.

"Taking into account available information, the Board considered that the monetary policy stance unchanged at this meeting would be consistent with sustainable growth in the economy and achieve the inflation target over time," the bank said in a statement.

Dollar and midterm elections

The dollar index, which tracks the greenback versus a basket of other currencies, rose 0.1% to 96.19 as investors awaited US midterm elections later in the day.

Which was accompanied by the optimism of Trump, the president of the United States, who claimed that "his optimism is witnessing a rocket rise" because of "the best economy in the history of our country." Speaking at a rally in Fort Wayne, the president repeated his earlier claims that the "radical" Democratic Party would "destroy the ball" of the current economy and the future of the country.

Currency divergence during Asian trading
  • AUD / USD remained unchanged at 0.7211 before 04:00 GMT
  • The NZD / USD pair was up 0.1% at 0.6652.
  • Meanwhile, the USD / JPY fell 0.1% to 6.9239
  • The euro was up 0.1% at 113.34. JPY 


Other analysis

USD/JPY Technical analysis 16 November 2018

Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term. The USDJPY managed to control movement  the USDJPY to break the support level around the 113.58 level  down to hit the 113.07 level forming a positive candlestick pattern to bounce back above to test the 113.58 level especially after the release of the US Retail Sales report which showed growth and a…

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