The Reserve Bank of Australia is set to leave its key interest rate unchanged at tomorrow’s monetary policy meeting but is expected to make further changes to its bond-buying program. Get your market update from nickcawley1 here:
The Reserve Bank of Australia is set to leave its key interest rate unchanged at tomorrow’s monetary policy meeting but is expected to make further changes to its bond-buying program. The Australian central bank tweaked its last MPC report by removing any reference to when inflation is likely to hit its target – originally 2024 – leaving the RBA with some flexibility over hiking rates if needed.
7000, has held for many months, and while still vulnerable to further tests, and a probable breakdown, a short-term recovery back to a 0.7170/0.7180 zone cannot be ruled out. The CCI indicator remains in oversold territory and AUD/USD bears may benefit by waiting for this reading to wash out before setting up a position. Short-term relief before a confirmed move lower unless the RBA follows the Fed and turns further hawkish tomorrow in which case any relief will be fleeting.
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