Reserve Bank of Australia held an interview meeting earlier this morning; Glenn Stevens, Governor, discussed the views on Interest Rates only to keep them steady at 4.75%. This was expected as no rush of an Interest Rate hike was imminent.
Traders kept close attention to the interview held, as short term interest rates are the paramount factor in currency valuation. The RBA meeting is among the few tools that communicates to inverstors about the monetary policy. Also, traders observe to pick up on any signs of any future economic change in the Interest Rates.
After the statement by Mr. Glenn, the Australian Dollar dropped by 65 pips against the American Dollar. Before the statement, the pair was trading at 1.0748 to 1.6322.
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