Australian dollar down on RBA speech

Financial and commodity markets analytics

The Australian dollar is back below the US71c mark after failing to hold onto gains after the latest minutes meeting from the Reserve bank of Australia.

The Aussie dollar briefly rallied to a morning high of US71.09c after the minutes meeting from the RBA where they noted that they were generally happy with the economy, and they are unlikely to cut interest rates again,

Sending a mixed signal to the market, they also said there was a chance of further monetary easing if the inflation figures did not pick up sometimes in the nearest future.

Also affecting the Australian dollar is the aftermath of the attacks, in Paris where over 120 people were killed in a string of suicide attacks, which had investors flocking to safer currencies like the US dollar.

CPI numbers out late Tuesday from the US are like to choose the direction of the Aussie dollar with a good figure likely to test the US70.80c support level reached last week and resistance around the US70.25c mark if the number disappoints,

If the support fails to hold, the next critical level for the Aussie dollar is the 70.21c mark.



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