The Australian Dollar was steady during the morning session Friday after the Reserve Bank of Australia (RBA) signalled it will be wait a while before cutting interest rates again and as market concerns over the Chinese Renminbi eased, which analysts are divided in their outlook for the Antipodean currency over the coming weeks.
The Australian Dollar topped the G10 league table Thursday as financial market fears over the outlook for the Renminbi and state of U.S.-China relations ebbed, but the Antipodean currency is at an inflection point and approaching a moment of reckoning that could either mark recovery or prompt severe losses.
The Australial Dollar was badly wounded during the Wednesday trading session after an aggressive interest rate cut in New Zealand prompted markets to speculate the Reserve Bank of Australia (RBA) could soon follow suit, with price action prompting one influential analysts to warn the Aussie is in danger of falling back to its 2008 low.
The Australian Dollar surged higher against its G10 rivals Tuesday after the Reserve Bank of Australia (RBA) suggested it will wait for some time before cutting its interest rate again and as markets serenaded a record trade surplus for the month of June.
The Australian Dollar fell into the new week Monday as commodity currencies and so-called risk assets sold off in tandem with China's Renmimbi, which broke below a psychologically important level in response to the latest 'fixing' from the People's Bank of China (PBOC).
The Australian Dollar was on the rocks Friday after President Donald Trump imposed fresh trade tariffs on China, risking a further upset for the global economy, and technical analysts are warning that there could be more pain ahead for the Antipodean unit
The Australian Dollar suffered its sixth consecutive day of losses Tuesday and could face further declines still as a series of risk events is looming large over the Antipodean currency, although technical analsts at Commerzbank see the Aussie finding support on the charts around current levels.