Aussie Dollar Sent Tumbling on Economic Slowdown Concerns

Wednesday, 6 March 2019 16:21 WIB

AussieDollar Australia,AUD,


The Australian dollar skidded to a two-month low on Wednesday after evidence of an economic slowdown supported market expectations for an interest rate cut later this year.

Foreign exchange markets were mostly quiet elsewhere, with the U.S. dollar holding near a two-week high after Tuesday's strong service industries and new home sales data, and the euro pausing before Thursday's European Central Bank meeting.

Australian economic growth came in at 0.2 percent in the fourth quarter, below an expected 0.3 percent.

If the Reserve Bank of Australia, which has kept rates at a record-low of 1.50 percent, shifts to a more dovish tilt it would be following other central banks in growing more cautious about the economic outlook.

The Aussie dollar slid 0.8 percent to $0.7028, its lowest since Jan. 4.

Source : Reuters


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