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Aussie loses support at 0.7200 to a surging USD

Published October 3, 2018

Author: Dennis Li

We saw the Aussie remain steady after the RBA held rates unchanged at the record low of 1.5% for the 26th month yesterday afternoon. However it fell by 0.87% against the USD following the worsening tensions between Italy and the EU over Italy’s budget deficit and a general risk off sentiment pervading the global markets at the moment.

  • The Australian Competition and Consumer Commission (ACCC) said on Tuesday it had opened an inquiry into price competition among supplier of foreign currency conversion services.
  • Australia’s government expects its resource and energy exports to hit a record of A$252 billion in 2018-2019, supported by climbing prices for commodities and a weaker AUD.
  • In a National Association annual meeting on Tuesday, US Fed Chairman Powell hailed a ‘remarkably positive outlook’ for the US economy with ultra-low unemployment.
  • The Euro fell to a 6-week low against the USD on Tuesday after a senior lawmaker in one of Italy’s ruling parties said most of the country’s problems would be resolved if it readopted a national currency.