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Forex – AUD/USD drops to 1-week lows on RBA statement

Forex – AUD/USD drops to 1-week lows on RBA statement

Investing.com

Investing.com – The Australian dollar forsaken to one-week lows opposite a U.S. reflection on Tuesday, after a Reserve Bank of Australia left seductiveness rates unvaried and pronounced that a nation”s banking is overvalued.

AUD/USD strike 0.9286 during late Asian trade, a pair”s lowest given Aug 26; a span subsequently combined during 0.9292, retreating 0.43%.

The span was approaching to find support during 0.9269, a low of Aug 26 and insurgency during 0.9352, a event high.

At a monthly process meeting, a RBA hold a benchmark seductiveness rate during a record-low 2.50%, in a widely approaching pierce and pronounced that a overvalued Australian dollar is weighing on efforts to support growth.

RBA Governor Glenn Stevens pronounced a Australian dollar “remains above many estimates of a elemental value” and that it “is charity reduction assistance than would routinely be approaching in achieving offset expansion in a economy.”

Separately, central information showed that building approvals rose 2.5% in July, violence expectations for an boost of 1.5%. The change of building approvals in Jun was revised to a 3.8% decrease from a formerly estimated 5.0% drop.

Meanwhile, investors continued to guard developments in Ukraine after European Union leaders threatened over a weekend to levy a new turn of sanctions on Russia if Moscow does not scale behind a impasse in a dispute in eastern Ukraine.

The Aussie was reduce opposite a euro, with EUR/AUD gaining 0.41% to 1.4126.

Later in a day, a Institute of Supply Management was to tell a news on U.S. production activity.

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