Global credit rating agency Moody recently crossed wires while conveying its economic forecasts for the Australian economy. The rating giant downgraded Australia’s growth forecast for the year 202 to 2.2% while forecasting a relatively steady unemployment rate at 5.0%.
While the AUD/USD pair shows less reaction to the news, trading around 0.6810 by the press time of early Monday, this highlights the risk of another rate cut from the Reserve Bank of Australia (RBA). In doing so, the same increases the importance of Tuesday’s RBA monetary policy meeting minutes for the Aussie traders.
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