RBA minutes preview – what to expect in AUD/USD?

By FXStreet AUD/USD is currently trading with a bearish bias within the bulls recovery of 2016 lows, meeting the 100 dma at 0.7143 that is capping the bulls progress. The Aussie is now testing the congestion ahead of 0.7120 support ahead of the RBA’s minutes as today’s main event in Asia.

The RBA Feb meeting minutes will be released at 11:30am Syd/8:30am Sing/HK. “The key themes from the Statement on Monetary Policy should be repeated. Note too that we heard from Governor Stevens at the parliamentary testimony last Friday so risks around the minutes should be low,” explained analysts at Westpac.

However, given there was no real market guidance from the RBA Governor’s testimony to the Parliament Committee, the minutes will be scrutinized for any hint of bearishness and additional dovishness from the RBA that could end bulls hopes of further upside.

What to expect in the minutes?

Stevens recently explained that data is key after the market volatility in 2016, while suggesting that the global recovery is actually better than what markets are making out. At the same time, he isn’t ruling out a further fall in the Aussie although he noted that it has adjusted and while there are large …read more

Source:: FX Street