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A$ Treading Water Ahead Of RBA Rate Announcement

AUD

AUDUSD is trading sideways ahead of the RBA announcement at 1430 AEDT. It is currently around 0.6733. The USD index is up 0.1% on the session.

  • Aussie is flat against most of the major crosses with yen the exception. AUDJPY is up 0.2% to 91.63. AUDNZD is trading around 1.0860, AUDEUR 0.6305 and AUDGBP 0.5597.
  • Equities are mixed during APAC trading with the ASX flat but the Nikkei up 0.5% and the CSI 300 down 0.1%. S&P e-minis are up 0.1%. Oil prices are slightly higher with Brent +0.4% to $86.50/bbl. Copper is down 0.3% and iron ore is higher at around $125.50/t.
  • January trade data saw robust import growth while exports were driven by higher iron ore prices. The surplus narrowed slightly to $11.69bn from an upwardly-revised $12.985bn.
  • Today the focus is on the RBA. Attention will be on the statement, as a 25bp hike is widely expected and almost fully priced in. See MNI RBA Preview - March 2023. Later Fed Chairman Powell’s appears before the Senate banking panel.
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