The AUD/USD is 40 pips lower already this morning as traders book profits ahead of the RBA minutes. I don’t expect any major surprises, with the tug-of-war between domestic and global issues still the main talking point. As can be seen from the events of last week, global contagion is the biggest risk to the market at the moment so the RBA will just have to live with inflation until this calms down.
1.0500 was also the base of the previous 1.05/1.08 consolidation area and as such is now a technical resistrance level.
