Australia’s dollar remained lower following a decline at the end of last week before the central bank releases minutes tomorrow of its October meeting, at which it cut interest rates for the first time in four months.
“The so-called Aussie was near a three-month low after Reserve Bank of Australia Governor Glenn Stevens said there is scope to further lower borrowing costs. New Zealand’s dollar, known as the kiwi, touched the weakest in a month after a private report showed the nation’s services industry contracted for the first time in almost three years.
“In the near term, I’m mildly bearish” on the Australian dollar, said Joseph Capurso, a currency strategist in Sydney at Commonwealth Bank of Australia (CBA), the nation’s biggest lender. “You do have an RBA governor that’s quite dovish.””