August 6: RBA cut rates

August 6, 2013

EUR/USD is trading at $1.3160/50. On Monday the pair failed to rose above $1.3300 due to the good ISM services PMI in the US. In Europe watch for Italian industrial production and preliminary GDP, as well as German factory orders (08-10:00 GMT). GBP/USD closed at $1.5350 yesterday and is now a bit below this level. Britain will release manufacturing and industrial production figures at 08:30 GMT. USD/JPY returned to 98.30 after a dip to 97.85 earlier in the session. USD/CHF recovered to 0.9280 following a dip to 0.9245.

AUD/USD edged higher to $0.8990, extending the recovery from the yesterday’s low of $0.8850. As it was widely expected, RBA has cut the overnight cash rate by 0.25 points to 2.5%. It means that the Australian borrowing costs remain the highest in the developed world along with New Zealand. There were no hints from RBA on further rate cuts. Australia trade surplus increased to 0.60B, but came below the forecast of 0.80B. NZD/USD also keeps strengthening for a second day in a row, touching $0.7860 on Tuesday. In the US session New Zealand is scheduled to release weaker employment data. USD/CAD is at 1.0360 after it declined from yesterday’s high just above 1.0400. Canada will publish trade balance at 12:30 GMT. US trade data will come out at the same time.

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