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AUD/USD Sinks as S&P Downgrades Australian Credit Rating Outlook

AUD/USD Sinks as S&P Downgrades Australian Credit Rating Outlook

2016-07-07 02:57:00
Daniel Dubrovsky, Analyst
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Talking Points

  • Australian Dollar declines against its major counterparts
  • S&P lowers Australia’s credit rating outlook to negative
  • The ratings agency said it was due to fiscal vulnerabilities

Keep an eye on short-term trends for Australian Dollar crosses using the Grid Sight Index (GSI) here.

The Aussie Dollar declined against its major counterparts after S&P Global Ratings downgraded Australia’s credit rating outlook to AAA negative from AAA stable. Simultaneously, ASX 200 futures declined suggesting the Australian Dollar’s movement was based on risk aversion.

S&P mentioned that the lower outlook was in part due to fiscal vulnerabilities. The ratings agency added that the country’s high indebtedness moderates its strengths. A lower credit rating may drive Australian borrowing costs higher as traders price in a relatively greater risk of default. This may translate into an overall increase in the cost of capital, weighing on economic growth and nudging the RBA toward further easing.

AUD/USD Sinks as S&P Downgrades Australian Credit Rating Outlook

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