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07.06.2011 10:50

EU focus: US Dollar mixed, Aussie falls after RBA stands pat


The US dollar held a mixed bias Tuesday, as the euro continued to recover off overnight lows, while a less-hawkish-than-expected statement from the Reserve Bank of Australia boosted the U.S. dollar against other major currencies.
The euro weakened last night after Eurogroup President Jean-Claude Juncker reportedly said that the euro was overvalued against some of its major counterparts.
"While ECB rate hike expectations (which may heighten this week after the 9 June ECB policy decision) and potentially softer commodity price may provide support for the euro, the sovereign debt worries within the Eurozone periphery economies are unlikely to go away soon and will continue to weigh down on the euro," said analysts at United Overseas Bank.
Traders said speculation of a further interest rate hike in China also keeping the U.S. dollar in favor.
The official Economic Information Daily reported Tuesday that the People's Bank of China is likely to raise benchmark interest rates by 25 basis points at the end of this week, citing unidentified Chinese analysts. The PBOC may also raise the required reserve ratio by 50 basis points after the release of May economic data due to come out on June 14.              
The RBA today announced it was keeping its official cash rate on hold at 4.75%, in line with expectations, but issued a statement which was interpreted to be less-hawkish than what many economists had expected.
In the conclusion of today's statement, RBA Governor Glenn Stevens said: "At today's meeting, the Board judged that the current monetary policy remained appropriate."
There is no major data today.

07.06.2011 10:18

GOLD TECHS:

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