The Reserve Bank of Australia has released the minutes of the April 2009 Monetary Policy Board meeting.
The Minutes go on to say that the Australian near term outlook is now weaker than earlier thought but a recovery was likey towards the end of the year. According to the minutes the likelihood of a further fall in inflation creates room for further rate cuts.
The market is factoring in a 70% chance of another rate cut in May. The minutes did initially keep AUDUSD under pressure but market feels short at the moment. It has bounced back above 70c, but as Kyle mentioned earlier look to sell into rallies for another look lower.
