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Australian market


Jon Steeler

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With the recent tragedy hitting Australia, this has majorly affected their economy. With the agriculture industry being heavily affected, many were choosing to sell the Australian dollar in anticipation of a fall in this currency. And, they seemed to be right as we saw the AUD fall and risks of a rate cut rise.

The amount of damage done will cost billions to the economy, but also the reduction in retail spending and tourism will likely fall, a key aspect in the growth of Australia. 

However in the last week the situation has began to ease and we have seen some buying in the AUD but we still expect a rate cut and therefore a further drop in the currency. 

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