{"id":59893,"date":"2026-08-15T11:26:08","date_gmt":"2026-08-15T11:26:08","guid":{"rendered":"https:\/\/www.vtmarkets.com\/en-ca\/uncategorized\/australian-dollar-approaches-2024-high-as-china-lowers-rates-ahead-of-rba-decision\/"},"modified":"2026-08-15T11:26:08","modified_gmt":"2026-08-15T11:26:08","slug":"australian-dollar-approaches-2024-high-as-china-lowers-rates-ahead-of-rba-decision","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-ca\/analysis\/australian-dollar-approaches-2024-high-as-china-lowers-rates-ahead-of-rba-decision\/","title":{"rendered":"Australian Dollar Approaches 2024 High as China Lowers Rates Ahead of RBA Decision"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Key points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Australian dollar reached $0.6839, close to its highest level since December 2023.<\/li>\n\n\n\n<li>China\u2019s 50 basis point reserve requirement cut offers stimulus, weakening the yuan in offshore markets.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">The Australian dollar hovered close to its highest level this year, sitting at $0.6839, following a strong session where it touched $0.6853. Traders appear focused on how the Reserve Bank of Australia (RBA) will shape its policy later in the day. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Though economists widely expect the RBA to hold interest rates steady, the market seems divided on the potential for cuts in the near term. Reuters&#8217; <a href=\"https:\/\/www.reuters.com\/markets\/currencies\/aussie-dlr-near-2024-high-before-rba-yen-drifts-ueda-awaited-2024-09-24\/\" target=\"_blank\" rel=\"noopener\" title=\"poll of 44 economists\">poll of 44 economists<\/a> shows just four anticipate a reduction by year-end, while traders see a roughly 60% chance of a cut.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/09\/20240924-124725-1024x474.jpg\" alt=\"\" class=\"wp-image-15096\" style=\"width:1450px;height:auto\"\/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>See: Upside prevails for Aussie as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" target=\"_blank\" rel=\"noopener\" title=\"\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>China&#8217;s monetary easing boosts Aussie dollar amidst economic stimulus efforts<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Aussie received further support from China&#8217;s decision to ease its monetary policy. The People\u2019s Bank of China announced a 50 basis point cut to banks&#8217; reserve requirements, a move aimed at stimulating lending in an economy that has shown signs of slowing growth. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the Chinese yuan initially weakened by 0.16% in offshore trading, it stabilised later at 7.0590 per dollar. Given China\u2019s importance as Australia\u2019s largest trading partner, any stimulus from Beijing tends to reflect positively on the Aussie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the strength of the Australian dollar, there remains uncertainty in the market. While traders are pricing in a potential rate cut, there is still caution as the RBA might prefer to wait for more economic data before making any easing decisions. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If we see stronger demand from China and stable global growth, the Aussie dollar could climb towards the 70 U.S. cent mark by the end of the year, as some analysts expect.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>You might be interested: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/the-chinese-yuan-strengthens-to-a-16-month-high-on-fed-rate-cut\/\">The Chinese yuan strengthens to a 16-month high on Fed rate cut<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Euro struggles as euro zone business activity contracts<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, the euro remained subdued, trading at $1.1105 after business surveys indicated a contraction in euro zone activity. The euro\u2019s weakness could persist if the European Central Bank signals further rate cuts, especially given the recent downturn in both the services and manufacturing sectors across the region.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.vtmarkets.com\/analysis\/sterling-falls-as-the-u-s-dollar-gains-on-jobs-fueled-rally\/\">Sterling<\/a>, on the other hand, tracked near a 2-1\/2-year peak, trading flat at $1.33445. The Bank of England\u2019s decision to keep rates unchanged, while adopting a cautious tone, continues to influence its direction. Governor Andrew Bailey highlighted the need to avoid cutting rates too aggressively, indicating that the central bank will likely take a measured approach in the coming months. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n\r\n\n\n\n<p class=\"wp-block-paragraph\"><b>Start trading now \u2014 click <a href=\"https:\/\/www.vtmarkets.com\/en-ca\/trade-now\/\">here<\/a> to create your real VT Markets account.<\/b>\n\n<\/p>\n\n<!-- vt-src:15095 -->","protected":false},"excerpt":{"rendered":"<p>Though economists widely expect the RBA to hold interest rates steady, the market seems divided on the potential for cuts in the near term. Reuters&#8217; poll of 44 economists shows just four anticipate a reduction by year-end, while traders see a roughly 60% chance of a cut. -vtmarkets.com<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-59893","post","type-post","status-publish","format-standard","hentry","category-analysis"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Though economists widely expect the RBA to hold interest rates steady, the market seems divided on the potential for cuts in the near term. 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