The Australian dollar, paired with the US dollar, is plummeting. The current AUDUSD exchange rate stands at 0.6365.
The Aussie is updating lows last seen in November 2022 as market participants continue to analyse earlier data.
Australia’s trade balance surplus in July decreased to its lowest point in 17 months. The report shows that imports have significantly increased, while exports have decreased amid shrinking global demand.
The data released this week reflected higher-than-expected Q2 GDP growth in Australia, driven by active government investments and stable exports.
The Reserve Bank of Australia’s monetary policy stance remains a key factor exerting pressure on AUD positions. The interest rate at the September meeting was kept unchanged at 4.10% per annum. In addition, the Aussie is facing the negative impact of the US dollar’s global strengthening and economic uncertainty in China.
Source: Roboforex
