The RBA will meet this morning and deliver their rate decision at 2:30 pm Sydney time. There’s no chance that they will make any move and the recent neutral language is also expected to stay.
I believe that much of the buying in USD/JPY around this 82.50 level is part of a JPY/Gold transaction and there is also a barrier at the same level. That said, there are supposedly some very large stops around 82.40 which will grab dealers attention.
EUR/USD remains very choppy depending on whether the market is focussing on EU or US woes. Volatility remains quite high but dealers say that liquidity has improved over the last few sessions.
Good luck today.
