15 Oct 2013
AUD/USD RBA minutes help support Aussie dollar
FXstreet.com (London) - The Aussie dollar has continued to climb after Reserve Bank of Australia minutes quelled any expectation of a rate change
At its 1 October board meeting, the RBA kept its cash rate at a record low 2.5 percent. Minutes released today helped to lift the Aussie dollar thanks to downplayed concern over the effect of AUD strength.
The higher-yielding AUD has performed strongly over the last month, second only to its Kiwi dollar neighbour.
However, the AUD remains vulnerable to weak Chinese economic data. Government figures released on Saturday showed that China’s trade surplus narrowed to USD15.2 billion last month from a surplus of USD28.6 billion in August. The figure represented a big miss from estimates of a USD27.7 billion surplus.
Chinese exports fell 0.3 percent from month-on-month, against expectations of a 6 percent increase.
AUD/USD is currently at USD0.9528, up 0.4 percent.
At its 1 October board meeting, the RBA kept its cash rate at a record low 2.5 percent. Minutes released today helped to lift the Aussie dollar thanks to downplayed concern over the effect of AUD strength.
The higher-yielding AUD has performed strongly over the last month, second only to its Kiwi dollar neighbour.
However, the AUD remains vulnerable to weak Chinese economic data. Government figures released on Saturday showed that China’s trade surplus narrowed to USD15.2 billion last month from a surplus of USD28.6 billion in August. The figure represented a big miss from estimates of a USD27.7 billion surplus.
Chinese exports fell 0.3 percent from month-on-month, against expectations of a 6 percent increase.
AUD/USD is currently at USD0.9528, up 0.4 percent.