AUD traders - RBA Minutes today (preview)
Preview of the Reserve Bank of Australia December monetary policy meeting Minutes
- Due at 0030GMT
The December meeting resulted in no change to the cash rate, and some minor but notable changes to the accompanying statement.
The changes in the statement I thought noteworthy can be summarized:
- It noted even weaker demand for commodities
- Large mining capex falls got another explicit mention
- There were no change to the commentary on the Australian dollar
The statement itself was fairly neutral overall, and was read as a bit of a green light for the AUD. The Minutes should provide more clarity. I doubt the RBA will want the AUD gaining too much more, but its no secret they are expecting the Fed rate hike to push AUD/USD down and maybe a little complacency has seeped in.
Regardless of all my blather on the AUD though, its barely changed from the time of the RBA December meeting announcement.
More on the AUD here from Greg: Forex technical analysis: AUDUSD backs off against 200 hour MA and retracement level
Also due from Australia today, the mid-year budget review, more to come on this