The AUD/USD pair recorded more losses last week, as the US dollar dominated the currency market last week due to concerns over the global economic outlook amid the current uncertainty for major economies.
Aussie lost momentum after the Reserve Bank of Australia cut its interest rate and indicated that they will keep the rate at these levels till the end of the year, which reduced demand for the Australian currency.
At 15:00 GMT, the U.S. economy will release the Existing Home Sales for October, where it’s expected to come at 4.80 million down by 2.2% from the previous reading of 4.91 million which is down by 3.0%.
Originally posted here
