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A$ Firms Post RBA Minutes

AUD

AUD/USD sits higher post the RBA minutes. The currency last near 0.6355 (post min highs at 0.6359), we were around 0.6345 prior to the release. The RBA noted that it considered two options at the meeting, staying on hold or hiking. The option to stay on hold had the more compelling case, with the updated forecasts and additional data to be provided ahead of the November meeting.

  • The central bank stated it has a low tolerance for CPI returning to target, while also noting the softer AUD has marginally eased financial conditions. Note next Wednesday delivers Q3 CPI for Australia.
  • The AUD is outperforming notably on the crosses today, particularly against NZD (post the earlier NZ CPI miss). AUD/NZD last sat at 1.0755/60, up 0.50% for the session so far.
  • AU bond futures have ticked lower, while OIS is 1-8bp firmer on the day, we were flat to 4bp firmer before the RBA minutes.
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