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The Australian dollar continues to rise after the Reserve Bank of Australia raises interest rates

2018-08-08 10:09 am | Resource: NEWS | No Views : 319



The Australian dollar is rising after the Reserve Bank of Australia raised interest rates as the Australian dollar rallied against its major counterparts in the Asian session on Tuesday,

 After the Reserve Bank of Australia kept the key interest rate unchanged at a record low, saying low rates continued to support the economy. The decision was widely expected by economists.

The Australian Federal Reserve, ruled by Philippe Lowe, voted to keep the monetary interest rate at 1.50%. The bank cut interest rates by 25 basis points in August and May last year.

The Australian central bank noted that the low level of interest rates continues to support the Australian economy. Further progress is expected to be made in reducing unemployment and achieving an inflation rate of return to the target, although this progress is likely to be gradual, the Reserve Bank of Australia said.

The Australian Industry Association's latest survey showed that the Australian construction sector continued to expand in July, with a higher speed, with the construction performance index hitting 52.0. This rise of 50.6 moves more than the 50 line or arm that separates the stretch from contraction.

The currency showed mixed performance against major currencies yesterday. While rising against the euro and kiwi, stabilized against the yen. Against the dollar, fell.

The Australian dollar rose to 1.0993 against the New Zealand dollar, its highest since January 31, and rose 0.2% from Monday's close at 1.0971. The Australian dollar appears to find resistance around the 1.11 level.

After falling to 0.7381 against the US Dollar at 5:30 pm Eastern Time, the Australian Dollar reversed the trend and rose 0.3% to 0.7400. The pair ended Monday's trading at 0.7387. A continuation of the bullishness in the AUD may see it as a tough resistance around the 0.75 level.

The Australian dollar rose to 0.9610 against the Canadian dollar, from a 4-day low of 0.9599 at 12:30 Eastern Time. At Monday's close, the pair was worth 0.9604. The Australian dollar is preparing to challenge resistance around the 0.98 level.
 


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