The Reserve Bank of Australian (RBA) held the rates unchanged at 4.75% for the seventh consecutive month, putting downside pressure on the Australian dollar. Aussie declined against the dollar as the AiG performance of services in Australia retreated to 48.5, adding the Australian services sector is still in contraction.
Still the economic recovery cycle in Australian is under pressure from the negative results from the natural disaster that hit the nation during the first three months of the year, but the nation showed some improvements this period, signaling recovery signs.
We can see that the Australian dollar will decline again until the employment rates that will confirm the current status of the Australian economy.
On Wednesday, the Australian economy won't release any fundamental data, but at 14:00 GMT, the U.S. economy will release the ISM Non-Manufacturing index for June, the previous reading was 54.6 and expected to retreat to 53.5.
Originally posted here
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