AUD fell on RBA statement

6 December, 2016

The Reserve Bank of Australia decide to leave its policy settings unchanged. Such a decision was widely expected. The main, cash rate was left unchanged at 1.5% as expected by every analyst surveyed by Bloomberg. However the RBA mentioned that further easing cannot be excluded especially if stronger AUD threatens Australian recovery. The decision was already priced in so AUD remained pretty much unchanged but has finally moved lower due to a relatively dovish statement. AUD is currently the weakest among G10, trading -0.4% lower against the USD.

On the other hand, GBP is the strongest currency among G10, trading +0.24% higher against the USD. We had some comments both from Carney (BOE) and UK Chancellor Hammond. Carney spoke not only about some economic issues, but he also delivered important comments on a potential Trump and PM May policies. Hammond said that he wants a smooth exit from EU that minimises disruption, he also wants the best possible solution to both sides. 

We also got some exceptional data from Germany. Factory orders from Germany surged, orders jumped 4.9% in October (consensus at 0.6%, prior reading at -0.3%, revised from -0.6%). It’s the biggest surge since July 2014.  The production data  for October will be published by the German Economy Ministry on Wednesday. Bloomberg consensus calls for 0.8% m/m rise. German economy has actually slowed down in the Q3 so such a report gives hope for a better Q4, Germany’s economy may be gathering pace after slightly weaker period.

Oil has slipped from 16-months high without any particular reason. OPEC prepares to meet producers from outside of the group on Saturday to widen cooperation.The stock rally has also lost steam as European stocks moved lower.

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