RBA minutes – what to expect in AUD/USD?

By FXStreet FXStreet (Guatemala) – The RBA Minutes is due today while the Aussie has been better offered, but trying to make a come back on to the 0.71 handle while testing the 200 SMA on the hourly chart at 0.7093 in a slow market that has been in consolidation after the initial risk-off opening in Asia yesterday.

RBA minutes to reveal a steady hand

While these come soon after the statement and while there may not be anything more in the minutes that markets are not already aware of, there had been a recent change of tone from the RBA last time around. The Bank is still reluctant to cut interest rates, but remain vigilant while in wait and see mode. Despite the RBA recently “admitting to” overshooting their growth forecasts, the key jobs report that were printed after the recent decision to hold beat expectations by a huge margin, almost dubiously so, and will be a relief to the RBA in the respect of not needing to act while the policy is having its intended effect. In previous minutes, the RBA was bullish on this aspect of the economy and while the meeting was before the recent jobs data, the minutes …read more

Source:: FX Street