The Australian dollar rose further against the other major currencies in the Asian session on Tuesday, after the Reserve Bank of Australia decided to keep its key rate unchanged as widely expected by economists and policymakers.
The policy board of the Reserve Bank of Australia led by Governor Glenn Stevens maintained its key rate at 2.25 percent. The board judged that it was appropriate to hold interest rates steady for the time being.
It further said that easing may be appropriate over the period ahead in order to foster sustainable growth in demand and inflation consistent with the target.
The Australian dollar rose to an 8-day high of 0.7698 against the U.S. dollar and a 1-week high of 92.03 against yen, from an early 4-day low of 0.7576 and a 5-day low of 90.53, respectively.
Moving away from an early more than a 3-month low of 0.9453 against the Canadian dollar, the aussie advanced to a 4-day high of 0.9590. The pair was quoted at 0.9466 at yesterday’s close.
Against the euro and the NZ dollar, the aussie climbed to 5-day highs of 1.4202 and 1.0198 from early lows of 1.4433 and 1.0053, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.79 against the greenback, 94.10 against the yen, 0.97 against the loonie, 1.38 against the euro and 1.04 against the kiwi.
The pound, employed by 16 European countries with economic leaders Italy and Germany, could be the 2nd most heavily traded subsequent in the U.S.
dollar.
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