FX Brief: AUD holds steady after RBA rate cut
Fawad Razaqzada July 2, 2019 8:38 AM
A summary of news and snapshot of moves ahead of the US session.
- 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.
- Sentiment among stock market participants appeared a tad cautious following the release of disappointing global data and after the US threatened new tariffs on the EU.
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