On Wednesday afternoon, AUDUSD stopped its decline and regained some positions it lost earlier.
In the middle of the week, the Australian Dollar is correcting against the USD despite the statistics. The current quote for the instrument is 0.6743.
The Westpac Consumer Sentiment report, which was published in the morning, showed -5.5% in October after -1.7% in the previous month. As one can see, the indicator is falling despite the rate cuts by the Reserve Bank of Australia; right now, it is the lowest level over the last 4 years.
On paper, the latest rate cut by the RBA was supposed to afford some security to the population about a bright outlook for the country’s economy. However, it didn’t work because consumers are still very careful with their money and cautious about the economic outlook.
Most likely, this is due to deterioration in political relations between the USA and China. Trade wars and conflicts have a very negative influence on the entire financial world.
There are more and more speculations on the market that the RBA may cut the rate again this winter, probably during its February meeting in 2020.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.