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Aussie little changed in a quiet post-Christmas trade

Monday, Dec 26 2016
Aussie little changed in a quiet post-Christmas trade

There were no data releases from Australia today. As year is coming to its end, traders are making predictions for the next year. The RBA made its last interest rate cut on August 3. At that time, it reduced its benchmark rate 25 basis points to 1.50 percent. For the next several months, it hinted that it may be finished with its reducing cycle. However, certain economic events near the end of the year, suggest the RBA may have to make at least one rate cut in 2017.

The year ended with the RBA flagging the prospect of a near-term slowdown in economic growth, noting that “some slowing in the year-ended growth rate is likely, before it picks up again”. The RBA was likely talking about the Q3 GDP report that showed the Australian economy contracted for only the fourth time in the last 25 years. Furthermore, investors will be going into 2017 concerned over whether Standard & Poor’s will reduce the country’s triple A credit rating.

 

Aussie is currently being traded around 0.72 handle. Pair is likely to find support around 0.7180 area and resistance above 0.7220 level.

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