AUD/USD jumps 0.40%, looks to snap six-day losing trend

 

  • AUD/USD ticks higher as Westpac pushes out the RBA rate cut forecast. 
  • The US stock index futures rise, lending support to the AUD.

DailyForexTrading represented today’s market forecast.

Bears Australian dollar took a break Monday, allowing a rebound in AUD / USD, with an economist influential in pushing down its forecast rates to November from October.

The currency pair is currently trading at 0.7050, which represents a gain of 0.40% on the day. The pair dropped nearly 0.30% Friday 0.7006 – sixth right consecutive decrease.

RBA to cut rates in November

Westpac, one of the four major Australian banks expects the Reserve Bank of Australia (RBA) to cut the cash rate overnight (reference rate of interest) to a new record low of 0.1 % compared to 0.25% during November.

Until last week, Westpac economist Bill Evans believed that the rate cut will happen at the meeting on October 6

The central bank should also reduce the bond yield target of three years to 0.1% from 0.25%, the rate of the ease of temporary financing to 0.1% and the RBA rate on exchange settlement balances 0.01%.

Apart from the decision to Westpac to push down rates forecasts, the gain of 0.30 in futures S & P 500 could draw bids for the AUD.

However, significant gains may remain elusive, with the permission of the coronavirus resurgence in Europe and warned before the first debate between President Donald Trump and his rival Joe Biden Tuesday.

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