According to the latest press release published by the RBA, Australia’s central bank has downgraded the key interest rate from 2.25% down to 2%. So far, this move has set a major interest-rate low, Masterforex-V Academy reports.
At the same time, Market Leader reports that the current situation in the domestic consumer sector has been improving over the last couple of weeks. As the Australian Dollar started appreciating, the national economy started feeling pressure. The RBA is trying to taper the effect of these pressure, which means that the latest interest rated decision is a part of the plan. According to Bloomberg, the RBA’s interest rate decision has matched the analytic forecast.
At this point, the Reserve Bank of Australia points out that the situation in the local consumer sector has improved and the process is still underway. Consumer spending figures reassure the central bank. The actual deficit figures have exceeded analytic expectations. The Australian trade deficit adjusted for seasonality reached 1,32 billion AUD in March 2015.
Still, some Australian economist predict that the Australians will have to put up with lower standards of living in the near future to some extent.
As for the current situation in the Forex market, Masterforex-V Academy reports that the Aussie keeps on trading within the scope of a rally against the U.S. Dollar Still, the rally is just a recovery against a bigger-scale downtrend, the experts assume.
The closest key levels to pay attention to are:
Support - 0,7787 + MF sloping channel
Resistance - 0,8293
These are the key levels to determine the near-term momentum in the market of AUDUSD.
