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The sentiment surrounding Australian dollar has remained very negative after RBA has decided to kept the door open for another round of interest rate cut if the economy is not showing signs of recovery. And although RBA may decide to keep the interest rate at record low level of 2.5% this should also translate in negative reaction. More likely RBA governor Glenn Stevens will use his rhetoric to take down aussie. Last month IMF suggested that the aussie dollar is 10% overvalued and recommended RBA to maintain easy policy settings which have been fueling the downside movement in the last month.
The focus for tonight session will be on the RBA rate decision which may set the tone for the entire week for aussie, most likely volatility should start pick up during the news release.
The focus for tonight session will be on the RBA rate decision which may set the tone for the entire week for aussie, most likely volatility should start pick up during the news release.
