$A Drops: The Australian Dollar Has Continued Its Downward Slide Against The Greenback

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As the Reserve Bank of Australia (RBA) readies for their final policy meeting of 2019, Australian shares are anticipated to open lower.

At the start of this week, Wall Street opened lower due to services data being more robust than anticipated. This only reinforces US policymakers’ convictions that increasing interest rates is a prudent course of action in the future.

Trading activity in New York intensified as the day continued, though all three major indices finished off their intraday lows. The VIX index rose drastically; consumer discretionary and energy were among the worst-performing sectors of the S&P 500.

As of 8 AM AEDT, ASX futures had dropped by 0.70 per cent to 7292 points – a drop of 5.6 points. This is mainly due to a disappointing reading on Australian service sector activity.

“The Australian dollar has continued its downward slide against the greenback, dropping steeply on Wednesday,” writes David Evans of ABC News. “This was largely due to a disappointing reading on Australian service sector activity.”

As policymakers in Australia and the US prepare for upcoming meetings that could shape monetary policy, investors continue to be on edge about global trade tensions and the overall health of the worldwide economy.

With markets becoming increasingly volatile, many analysts call on investors to remain calm and take a long-term approach rather than making rash decisions based on short-term fluctuations in price.

“In uncertain times like these, it’s important for investors to stay focused on their long-term goals,” says analyst Caroline Stone of Bridge Capital. “This means resisting the urge to make rash decisions based on short-term market movements and instead taking a strategic approach that will help you weather any volatility.”

Overall, the outlook for global markets remains relatively bleak, but with solid fundamentals and a diversified portfolio, it is possible to navigate these choppy waters and emerge stronger on the other side

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