9 Dec 2014
AUD/USD erases daily losses
FXStreet (Córdoba) - AUD/USD managed to bounce from a fresh cycle low and erased intraday losses during the European session
AUD/USD fell to a fresh 4 ½-year low of 0.8223 amid speculation interest rates will need to be cut in early 2015 to avoid recession. The National Australia Bank forecasted two 25 bps RBA rate cuts next year, in March and August, warning unemployment is set to rise amid weak commodity prices.
However, Aussie managed to recoup ground and climbed back toward the 0.8300 zone, supported by recovery in commodity prices. At time of writing, AUD/USD is trading at 0.8296, virtually unchanged on the day.
From a wider view, AUD/USD remains on a broader downtrend, having lost nearly 12% so far this quarter.
AUD/USD fell to a fresh 4 ½-year low of 0.8223 amid speculation interest rates will need to be cut in early 2015 to avoid recession. The National Australia Bank forecasted two 25 bps RBA rate cuts next year, in March and August, warning unemployment is set to rise amid weak commodity prices.
However, Aussie managed to recoup ground and climbed back toward the 0.8300 zone, supported by recovery in commodity prices. At time of writing, AUD/USD is trading at 0.8296, virtually unchanged on the day.
From a wider view, AUD/USD remains on a broader downtrend, having lost nearly 12% so far this quarter.