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A$ Higher On RBA, Further Rate Hikes Likely In Coming Months

AUD

The initial AUD impetus post the RBA has been to press higher. AUD/USD got just above 0.6950, but now sits slightly lower, at 0.6940/45. This is +0.85% for the session, with the currency outperforming the rest of the G10 by a decent margin.

  • The +25bps was in line with expectations, although the language used by the RBA doesn't suggests a pause is coming, with the bank stating it expects to raise rates in the coming months. In December last year it stated it wasn't on a preset course.
  • For AUD/USD pre-US payroll highs from last Friday still sit some distance away, just above 0.7050. Recent lows sit close 0.6850.
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