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Hardy: AUD set to weaken further

Australia’s central bank has cut its cash rate to a record low of 2.25%, sending AUDUSD down a full US cent. Saxo Bank’s Head of FX Strategy John Hardy sees further weakness in the Aussie as the market now expects more rate cuts to come.

The Reserve Bank of Australia broke an 18-month pause on economic stimulus with the rate cut and is seeking to boost growth, while keeping pressure on the Aussie dollar.

John Hardy expects AUDUSD could move down to at least 0.7500 if not further to possibly 0.7200.

The market is now expecting another rate cut after RBA governor Glenn Stevens said that growth will remain below trend for somewhat longer than expected and the rate of unemployment will peak higher than previously forecast.

01:33 minutes
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