The Australian dollar closed higher on Monday and continues to be well supported, being one of the best performing major currencies. On the foreign exchange market, the Australian dollar was seen trading\u00a0 between a range of 0.68 and 0.68 against the US dollar.<\/p>\n
It\u2019s worth to note that year-to-date the Aussie is still quoted below its 2019 opening rate. The Australian dollar is on track to post its second consecutive annual losses being down -2.12% YTD.<\/p>\n
Moving forward, currency traders are bracing for light trading volume as the economic calendar is stripped away from risk events that are capable to generate some volatility. The natural ebb and flow of forex transactions will be the main culprit of any sudden movements in the AUD exchange rate.<\/p>\n
In other news, last week\u2019s RBA minutes have revealed that the Australian central bank is ready to easy again to boost its lackluster economic growth and to help the labour market gaining traction. The Australian economy only grew modestly in the third quarter of 2019 and posted 0.4% GDP growth, which was below the central bank forecast.<\/p>\n
The downbeat economic data has fueled the expectation that the Royal Bank of Australia will slash interest rates at its next policy meeting in February 2020. The benchmark interest rate in Australia was kept on hold at 0.75%, but many economists are expecting the cash rate to be lowered to 0.25% in an effort to spur growth.<\/p>\n
Elsewhere, the price of the precious metal Gold is ending the year on a strong note tracking its seasonal pattern. XAUUSD price broke into a fresh seven-week high after it touched a high of $1,493 per ounce. The increased safe-haven demand for the yellow metal was motivated by lackluster US economic data.<\/p>\n
The dollar index, which gauges the greenback’s strength against a basket of major currencies, slipped slightly lower as currency traders entered the New York trading session and was quoted almost unchanged at 97.72 from yesterday\u2019s closing price<\/p>\n
The Australian 10-year government bond yield was seen quoted unchanged at 1.319%.<\/p>\n
The Australian dollar closed higher on Monday and continues to be well supported, being one of the best performing major currencies. On the foreign exchange market, the Australian dollar was seen trading\u00a0 between a range of 0.68 and 0.68 against the US dollar. It\u2019s worth to note that year-to-date the Aussie is still quoted below […]<\/p>\n","protected":false},"author":163946598,"featured_media":3657,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1381],"tags":[1540,1398],"class_list":["post-84106","post","type-post","status-publish","format-standard","has-post-thumbnail","category-aud","category-usd","tag-aud","tag-usd"],"acf":[],"yoast_head":"\n