RBA Statement Pushed AUD Upwards…
06th Nov 09, 0630 GMT
AUD has gained an upside momentum after the RBA has issued its latest statement that it will keep on hiking the interest rates in the weeks to come. The statement fuelled the AUD which appears to be headed for another positive close in today’s session. Australia has already hiked its benchmark interest rates by 0.25% on 3rd Nov and is currently at 3.5% which is the highest amongst the developed countries. It was the first country to raise its interest rates after the recession. Economic recovery is gaining pace in Australia with the reserve bank already planning another interest rate hike.
It is currently trading at 0.9125 against the USD up 0.26% from yesterday’s close and made a high of 0.9143 in today’s trading session. Traders who are short on AUD are finding themselves stuck on the positive outlook of the RBA and will ultimately have to book losses as the AUD appears to be strongly bullish.
