Australian Dollar edges lower after RBA left rates unchanged - FX Solutions Market Update, 5th July 2011

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Date: Tue, 19 Jul 2011 Time: 6:40 PM
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Chris Advincula, Chief Market Analyst at FX Solutions (http://www.fxsolutions.com/), provides forex traders with an overview of currency market activity and news on 5th July 2011.

"The Australian dollar moved lower in the Asian Trading session and declined further to 1.0660 after the Reserve Bank of Australia left their benchmark interest rates unchanged at 4.75 as many have forecasted.

Additional risk-aversion came in on talks of an impending Chinese interest rate hike possibly this Friday.

Some analysts say that the June inflation will rise above 6%). The Moody's rating agency also issued a warning over the scale of problematic loans in China as regulators may have under estimated the bank exposures that raised concerns.

There was also negative sentiment that affected the Asian market after the Standard & Poor's made a statement yesterday that the debt-rollover plan for Greece may prompt a "Selective-Default" rating for Greece.

The 30-day exponential moving average fell from 1.0740 to 1.0680 for the Aussie Dollar."

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