Aussie Fails to Hold Unto Gains, RBA Downgrades Growth Forecast

May 11,2019 07:44   Source:Earnforex

The Australian dollar attempted to rally today on the back of cautious optimism about the US-China trade talks but has almost lost its gains by now. The Reserve Bank of Australia released the Statement on the Monetary Policy, in which it downgraded growth forecast for this year.

The RBA cut its forecast for Australia’s economic growth in 2019 significantly, to 2% from 2.75% in the previous estimate. The outlook for 2020 remained unchanged at 2.75%, though.

US tariffs on Chinese imports kicked off today, but markets have not shown a noticeable reaction to the news, at least so far. But it is likely the developments in the US-China trade negotiations will be affecting the Aussie in the near future.

AUD/USD traded at 0.6996 as of 10:33 GMT, above the opening level of 0.5986 but far below the day’s high of 0.7018. EUR/AUD was flat at 1.6046.

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