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Bleak Outlook for the Eurozone

CURRENCY ANALYSIS Bleak Outlook for the Eurozone

Two weeks ago the Reserve Bank of Australia (RBA) confirmed that interest rates would be held at 2.5% which had been set at August 2013. The Aussie Dollar is still currently overvalued, even with the low interest rate. With the overvalued Aussie Dollar and commodity prices declining the Australian economy may see slower growth. This fear has been further amplified by the IMF which has stated that global growth is slowing. Australia’s main export partner is China and recent surveys show that growth for the potential superpower is gradually declining. Australia is dependent on commodities to help fuel growth and with the decline in growth for China it is likely that Australia will suffer greatly. The decline in commodity prices will further worsen the impact as revenues generated by firms will be lower. With recent turmoil in financial markets due to the Eurozone problems there is also likely to be less demand for commodities as consumers become uncertain about the single currency bloc’s economic health.

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