Global macro overview for 28/10/2015

Global macro overview for 28/10/2015:

The recent data from Australia had proved that the Aussie economy continues to suffer from a global economic slowdown.There were some rumors that the RBA might cut its interest rates earlier this month to stimulate the economy even more, but that did not happen. Anyway, the minutes of last weeks policy meeting revealed some insights about the policy makers thinking. Bankers noticed that the economy had slightly improved due to the lower value of the Australian dollar, but their main problem was the Chinese economy slowdown. This might be the reason why they have decided not to do anything with the interest rates last month leaving them at the same level.

From the technical point of view, the Australian dollar continues to slide down on Wednesday, as AUD/USD trades at the level of 0.71 at the London session. The next important support is seen at the level of 0.7084 and resistance is seen at the level of 0.7200.


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