On Tuesday morning, the AUD/USD is trading with an increase in response to comments from the Reserve Bank of Australia.
The Australian dollar is now growing in tandem with the US currency. At the regular meeting of the Reserve Bank of Australia the interest rate was left unchanged at 2.25% per annum; although projections suggest that the regulator will reduce it to 2.00%, since it started a series of mitigations.
In the comments, the RBA noted that for now it is appropriate to leave the rates on the same level as a reduction in energy costs will put pressure on inflation in the country. At the same time, cheaper oil and gas will enable production to raise its head.
There were also comments on the AUD, but as a standard the currency pays almost no attention to it. Naturally, the RBA said the Australian dollar is still too expensive and above its fundamental value.
At the same time, the RBA believe that the current financial conditions should become stimulating for the whole world. Attention should be paid to the real estate and the credit market, but overall the risks are balanced.
In general, everything said by the RBA looks quite optimistic: cautious economic forecasts specifically for Australia are no secret to anyone, and they never were. The AUD/USD pair is rising to 0.7830, but it would be difficult to break the resistance at 0.7850.
RoboForex Analytical Department