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A$ Firms Post RBA Mins, But Remains Sub Recent Highs

AUD

AUD/USD sits slightly higher post the RBA minutes, but only marginally. The pair was last near 0.6715/20. We were closer to 0.6705 prior to the minutes. Broader USD sentiment is softer, with yen the main outperformer at this stage (up 0.20%) ahead of the upcoming BoJ outcome.

  • The RBA board considered two options at the Dec meeting, a rate hike or holding steady. The on hold outcome won out as the RBA is wait and see mode, particularly with so little new fresh data compared to the prior meeting in Nov.
  • Local yields are slightly higher post the release which has likely lent some support to the FX.
  • Note we don't get much data between now and Jan 9, when retail sales prints, then on the 10th of Jan we get Nov CPI
  • For AUD/USD, the uptrend remains intact, focus is on a climb towards 0.6747 next, 76.4% of the Jul 13 - Oct 26 bear leg.
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