RBA Statement preview: What to expect in AUD/USD

By FXStreet FXStreet (Barcelona) – The RBA Monetary Policy Statement is due today and will be the main source of catalyst across the board ahead of tonight’s Nonfarm Payrolls data from the US shift.

In the lead up to the event, the Aussie has been been consolidating the minor downtrend of 20 pips to below the 200 SMA while the bulls attempts from the 0.7080 support zone grew tired on a less eventful day in the US shift.

Nonfarm Payrolls: Can it confirm a December rate hike?

Markets are reigning in profits ahead of the Nonfarm Payrolls event, but will be putting a keen eye on the RBA statement in respect of the Aussie dollar given the recent change of tone in the RBA’s statement that came with a hint of dovishness in respect to how the economy is actually performing and whether the RBA has overshot their growth forecasts.

One also might look for concerns in the property market and over supply that had been expressed in minutes earlier in the year and detailed in the RBA’s half-yearly financial stability report. Also to look out for is the sentiment around the recent prospects for further appreciation of the Aussie inline with commodity …read more

Source:: FX Street