We’ve got the RBA’s Statement on Monetary Policy due at 0030GMT to pick over. Tuesday’s statement accompanying the ‘no change’ decision was on the dovish side:
The Board’s view is that with inflation likely to be consistent with the target, and with growth likely to be a little below trend over the coming year, an accommodative stance of monetary policy is appropriate. The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand.
Expect more of the same from today’s statement.
We also get data out of China, CPI, PPI and trade numbers. The inflation figures are not until late in the day, though (0530GMT).
- On the topside; offers 1.0310 and through to 1.0320. Higher up, 1.0345/55 (I’d be surprised to see us there during today’s session).
- On the downside, 1.0260 and 1.0250 have buyers. – but there are exporter bids lining up below, from 1.0275 down.
- If we get that low, 1.0200 has good bidding interest at present.
