XE Market Analysis: Europe – Oct 20, 2020

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The Australian dollar continued to weaken, this time with RBA Assistant Governor Kent saying that the board is considering another easing, which backed up the Governor Lowe’s recent messaging, that a rate cut and other monetary easing measures are in the works. AUD-USD, which has dropped every day since last Monday, fell by nearly 0.5% in posting a three-week low at 0.7031. The November ASX 30-day interbank cash rate futures is indicating about a 75% expectation for the RBA to cut the official cash rate by 25 bp to 0.00% at the board meeting on November 3.