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A$ Softens A Touch on RBA Mins, But Little Follow Through

AUD

AUD/USD is a touch lower post the RBA minutes. We were last at 0.6700, versus earlier session highs of 0.6710 (lows came in at 0.6693). This leaves us unchanged for the session. We remain comfortably off early lows from yesterday sub 0.6650.

  • The RBA minutes stated the RBA considered two decisions at the May board meeting, no change and a 25bps hike. It was a finely balanced outcome, but the tight labor market and upside risks to the inflation outlook titled the central bank to a 25bps hike.
  • The RBA noted further rate hikes may be required but it is still data dependent.
  • In the cross asset space for AUD, US equity futures are slightly weaker, but regional equity sentiment is firmer for the most part. Commodities are firmer at the margin, with Iron ore back close to $106/ton.
  • AU yields softened a touch post the minutes release, but haven't seen any follow through.
  • Next up is the China Apri activity data run, due in around 15mins.
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