The Australian dollar is surging

Australian dollar is surging.

The currency is up by 0.9% at .7679 per dollar as of 7:40 a.m. ET.

Earlier, the Reserve Bank of Australia held its benchmark interest rate at 1.50%, as expected.

The bank added that its “forecasts for output growth and inflation are little changed from those of three months ago.”

As for the rest of the world, here’s the scoreboard as of 7:40 a.m. ET:

  • The Japanese yen is little changed at 104.86 per dollar after the Bank of Japan voted 7-to-2 to keep its key interest rate and target for the 10-year JGB yield at -0.1% and 0%, respectively, while warning that risks to growth and inflation are “skewed to the downside.”
  • The Russian ruble is up by 0.4% at 63.1072 per dollar, while Brent crude oil, the international benchmark, is up by 0.3% at $48.77 per dollar. Separately, Markit manufacturing PMI rose to 52.4 in October, up from last month’s 51.1.
  • The US dollar index is down by 0.4% at 98.10 ahead of Markit US manufacturing PMI, construction spending, and ISM manufacturing. Separately, the Fed begins its two-day meeting on Tuesday.
  • The British pound is little changed at 1.2233 against the dollar after the UK’s manufacturing PMI for October came in at 54.3, below expectations of 54.5, and down from last month’s 55.5. IHS Markit, which draws up the figure, says the slight slowdown comes as“weaker exchange rate raises input costs and new export orders.”
  • The euro is up by 0.4% at 1.1025 against the dollar.

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