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Greenback drops, RBA keeps record low interest rate unchanged

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Traders and analysts witnessed the U.S. dollar take a plunge ahead of testimony from former FBI head

On Tuesday the U.S. dollar fell to a near six-week low against the yen and lost positions against the euro. This happened ahead of former FBI head James Comey's testimony before Congress. Meanwhile world stocks declined and traders' interest in buying gold rose.

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RBA keeps record low interest rate unchanged

At its ninth consecutive session, the Reserve Bank of Australia decided to keep unchanged its record low interest rate. This has happened at the backdrop of signs of slowing economic growth.

At Tuesday's meeting, the RBA Governing Council decided to keep the base interest rate unchanged at a record 1.5 percent.

"Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," the statement by RBA head Phillip Lowe reads.

Rise of investors' confidence observed in Eurozone

The attitudes of investors and analysts on economic developments in the euro area marked a new surprisingly sharp improvement in May to a nearly ten-year peak. This is thanks to weakened political risks associated with the elections in the Netherlands and France as a result of the economic boom in the region, a survey of Frankfurt-based market research firm Sentix has shown.

The index of investor confidence rose strongly in June to 28.4 points, reaching the highest level since July 2007.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

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