All eyes will be on the upcoming RBA monetary policy decision with little doubt that the Bank will continue to tighten monetary policy. Get your market update from JMcQueenFX here:
All eyes will be on the upcoming RBA monetary policy decision with little doubt that the Bank will continue to tighten monetary policy. However, the key question is whether the Bank will opt for a 25bps or 40bps hike. That said, with growth remaining strong, as shown in the recent Q1 GDP report and terms of trade at a record, this would argue for a 40bps hike at this week’s policy meeting.
Elsewhere, the Australian Dollar has benefitted from a lift in risk sentiment with US futures up over 1% as Beijing announced that they would be easing Covid restrictions. Meanwhile, talk of possible tariff relief on Chinese goods has also improved the outlook for the antipodean currency. Taking a look at the chart, key resistance is situated at 0.7250-70 where the 200DMA resides, while support resides at 0.7140-50.IG Client Sentiment Signals a Mixed AUD/USD Trading Biasata shows 55.
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