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· * Housing Data (USD, GMT 12:30) – Housing starts should slow to a 1.260 mln pace in June, after a dip to 1.269 mln in May. Permits are expected to improve to 1.300 mln in June, after rising to 1.299 mln in May.
· The Aussie was buying 103.22 US cents at the beginning of May ahead of the Reserve Bank of Australia’s decision to cut official interest rates to an historic low of 2.75 per cent. The cut triggered a reassessment of the dollar, but was just one the factors which forced it almost 10 US cents lower in just six weeks.
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The kiwi sharply fell following the aussie. The AUD/USD pair plummeted below 0.67, reaching its lowest level in the last ten years due to rumors that the Reserve Bank of Australia could follow the example of its New Zealand counterpart and lower interest rates more than expected.
Interest rate Decision and Statement (AUD, GMT 04:30) – Reserve Bank of Australia is expected to keep rates unchanged to 1.00% (in June and July were the first back-to-back rate trimming since 2012). The latest data has strengthened the view that the RBA, after implementing back-to-back rate cuts in June and July, will be on hold for the foreseeable, albeit retaining a dovish policy stance.
Macroeconomic reports on Tuesday triggered the US dollar well, which can only be said about inflation in the United States, where it accelerated to 1.8%, with a forecast of 1.7%, which is a good step in favor of the Fed’s expectations.
· The Reserve Bank of Australia (RBA) held rates steady at 2.5%, as was universally expected. The key point was that the statement following the meeting said the full effects of easing up to now “are still coming through, and will be for a while yet.” That implies no need to ease further. AUD strengthened as a result.
3 Things to Know in the Housing Market Today! A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet. The following three areas of the housing market are critical to understand: interest rates, building materials, [.]
Economic data out of the US. market forecasts underestimate the negative effects of farming declines. Any negative surprises could easily send the Australian Dollar lower, as softer economic growth.
Almost all these market corrections were driven by macro-economic and geo-political reasons. Among other things, a possible slowdown in. Fed initiated its first hawkish move in late 2015, and since.