The Australian Dollar may fall before the release of a Reserve Bank statement on monetary policy on speculation that the RBA aren't planning to raise interest rates soon. In forex, the Australian Dollar bought 76.69 US. cents this morning in comparison with 76.95 US. cents during November 10. The RBA report may add to the 0.4 percent loss last week due to an unpredictable drop in jobs for the first time in nine months.
''The Australian dollar's underperformance is due to a paring of expectations for another RBA rate hike,'' said John Kyriakopoulos, a currency strategist at National Australia Bank Ltd. in Sydney. ''In the absence of a surprisingly hawkish statement from the RBA we'd expect the Australian dollar to trade below 76.50 cents.'' The RBA statement will be released at 11:30 am in Sydney.
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