The Australian Dollar is weak today as investors and economists look forward to the GDP release this evening at 9:30pm (EST) New York Time.
Reserve Bank of Australia Governor, Glen Stevens, kept the Cash Rate the same early this morning at the record low 2.75%. The RBA (Reserve Bank of Australia) has said that they still have room to lower the interest rates though.
If the RBA would cut their rates 25 basis points to 2.5%, they would be tied with New Zealand for the highest interest rates. Australia, losing that title, could also affect the sentiment of the AUD.
The GDP figure later today is expected to be released at 0.8%, a quite impressive number. If there is a lot of negative deviation, we can expect to see the AUD continue to weaken in the market today.
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