Forex

Aussie falls on RBA governor's remarks

2019-05-21 16:40:49 GMT (Economies.com)

The Australian Dollar fell on Thursday after Central Bank Governor Philip Lowe speech about the interest rate today.

 

Lowe said the central bank is on course to cut interest rates at the June meeting, adding that if the interest rate is not cut, the central bank's forecasts will not be accurate, both in terms of the reduction of the unemployment rate and not achieving the inflation target.

 

Lowe said the Australian economy could do well to cut the unemployment rate to close to 5%, stressing that there were few options for the central bank to cut interest rates.

 

The interest rate cuts will support the growth of employment and investment demand, and inflation will move towards the central bank's target rate.

 

In terms of trading, by 16:16 GMT AUD/USD fell by 0.4% to 0.6879, with the highest price of the day at 0.6929 and the lowest at 0.6825.

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