Why is the Aussie sliding down?
The Australian Dollar has been sliding all day today and is now nearly 150 dawn against the USD pips down from where we left it last evening before hitting the bed. This morning we found AUD/USD about 100 pips lower and it has fallen another 50 pips since then. Aud has pulled the Kiwi down with it as well and NZD/USD is about 100 pips lower today.But, what´s the reason behind his move, because we haven´t seen any economic data release from Australia today.
We did get the meeting minutes of the RBA early July meeting though. They kept the interest rates unchanged but the market got a feeling from the minutes that the RBA is trying to cut the interest rates in August. There were a few hints here and there which make you believe that. Now the inflation report next week becomes extra important. You have to feel sorry for the Kiwi, it was loved for a while on hawkish RBNZ comments and is being dumped now on dovish RBA comments.
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