Westpac Hike Weighs on RBA Rate Hike Expectations

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Wednesday, August 29 – Asia Session Recap

During the Asia-Pacific session, CAD remained well supported on market optimism over a NAFTA deal between the US and Canada.

According to The Global and Mail, Canada is willing to make concessions on dairy. While Canada’s Freeland stated that US/Mexico progress on autos and labour was particularly helpful.

Elsewhere, AUD has weakened following reports that Westpac has lifted home loan interest rates by 0.14%.

According to Herald Sun, many other major banks are likely to follow suit which could result in the RBA remaining on hold for longer.

Consequently, AUDUSD fell to test the 0.73 handle while AUDNZD fell to test the 1.09 handle.

For additional research, we’ve posted news articles from around the web below.