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3 Mar 2015
AUD/JPY trims gains
FXStreet (Córdoba) - The AUD/JPY rose from 93.00 during the Asian session after the Reserve Bank of Australia left interest rate unchanged and peaked at 93.80, the highest price since last Thursday. Price was unable to consolidate above 93.70 and pulled back.
Recently dropped to 93.47 and currently is hovering around 93.50, 30 pips above yesterday’s closing price.
The decision to leave rates unchanged boosted the aussie across the board but during the European session lost strength and retreated trimming gains. The central bank left the door open to rate cuts. “The surprise inaction from the RBA is certainly a strategic "move", aiming to inject the uncertainty needed in the Australian money markets so that business owners are not pushed to wait for lower rates to boost their activity”, said Ipek Ozkardeskaya, Market Analyst at Swissquote.
Recently dropped to 93.47 and currently is hovering around 93.50, 30 pips above yesterday’s closing price.
The decision to leave rates unchanged boosted the aussie across the board but during the European session lost strength and retreated trimming gains. The central bank left the door open to rate cuts. “The surprise inaction from the RBA is certainly a strategic "move", aiming to inject the uncertainty needed in the Australian money markets so that business owners are not pushed to wait for lower rates to boost their activity”, said Ipek Ozkardeskaya, Market Analyst at Swissquote.