FX Brief: AUD holds steady after RBA rate cut

  • As US investors the enter fray, the AUD was strongest while the NZD and GBP were among the weakest
  • RBA cut rates overnight, but the policy statement was less gloomy and dovish than expected, suggesting a pause in cutting cycle for now
  • Pound was hit as activity in the construction industry slumped sharply in June, to its lowest level in a decade, as purchasing managers in housebuilding, commercial and civil engineering all reported sharply deteriorating conditions.
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