Aussie Dollar Hits Fresh Lows

The Aussie dollar has posted fresh lows versus the dollar, and a number of other currencies. AUD/USD and AUD/JPY have both logged an intraday lows at 0.7580 and at 85.73, respectively, with both coming within a few pips of their respective 11- and 9-day lows that were posted yesterday. EUR/AUD is trading in one-month high territory, with the cross up 0.7% on the day (which, along with EUR/JPY, is the biggest mover on the day).

A much bigger-than-expected Australian trade surplus figure for May (of A$2.5 billion, over double the median forecast), in data released earlier in the day, has had little impact on the Aussie, with markets continuing to be more influenced by Reserve Bank of Australia governor Philip Lowe’s post-July meeting statement of Tuesday, where he said that “an appreciating exchange rate would complicate” the economy’s ongoing transition from the mining investment boom.

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