National Australia Bank (NAB) on the Minutes today (due at 0030GMT)

  • The RBA March Board Minutes will be interesting to see if there are any further clues as to just how concerned the Bank is about the global risks - which in large part seem to have eased in the past 3 - 4 weeks with the recovery in oil, credit spreads and equity markets.

And, further on factors outside the Minutes, NAB says:

  • The further easing by the ECB and the RBNZ as RBA Deputy Governor Phil Lowe said last week "is a complication for us, as it tends to put downward pressure on the currencies where the easing is taking place and thus upward pressure on the Australian dollar".
  • Importantly, Lowe also noted that lower oil prices are mostly good for global growth and that at this stage "the recent international data have been mixed but, at this stage, do not suggest that momentum in the global economy has been lost".
  • This suggests the most likely outcome is the RBA will continue to monitor global and Australian economic and market developments for some time further
(bolding is mine)

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And, not from NAB (just to make that clear) ... The AUD had a decent fall overnight. resistance now 0.7530 then 0.7550, support 0.7480/90 then 0.7450, 0.7425: