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Australian Dollar continues to struggle

Published July 30, 2019

Author : Brett Gordon

AUD has tried to rally during the trading session on Monday but gave back most of the gains early in trading and now looks like it is going to make a serious play to get through the 0.69 level.Australian shares are set to rise as US stocks backed away from record highs and investors looked forward to an interest rate cut from the FED.

US President Trump has revisited his attack on the FED before this weeks meeting saying it will probably do very little to counteract actions by Europe and China to ease monetary policy and declaring a small rate cut is not enough.Most major currencies are keeping moves small ahead of Wednesday’s expected 25 basis point cut by the Federal Reserve.

GBP saw another 0.6% drop after Britain’s new foreign minister and former Brexit chief, Dominic Raab, told the European Union it needed to change its  position to avoid a no-deal  in October. The drop also followed comments by senior UK ministers over the weekend that the government was ramping up preparations for a no-deal outcome and was working on the assumption that the European Union will not renegotiate its Brexit deal.