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AUD Firms After RBA Raises Cash Rate 25bps

FOREX

The AUD is ~0.7% firmer in Asia today after the RBA raised the cash rate 25bps to 4.1%. Some forecasters had expected a hike however the majority rested with no change.

  • AUD/USD prints at $0.6660/65, the pair is ~0.7% firmer. The pair sits above the 50-Day EMA ($0.6654) and the next upside target for bulls is $0.6710 the high from May 16.
  • AUD/NZD is ~0.5% firmer, the pair printed its highest level since late February at $1.0959 before marginally paring gains. Bulls target the high from 20 Feb at $1.1088.
  • Kiwi is moderately firmer as the bid in AUD spills over, NZD/USD prints at $0.6085/90 up ~0.3% from yesterday's closing levels.
  • Yen is a touch firmer, USD/JPY is down ~0.1% however ranges have been narrow with little follow through for the most part.
  • Elsewhere in G-10 BBDXY is down ~0.1%. NOK and SEK are ~0.4% higher however liquidity is generally poor for the currencies in the Asian session.
  • Cross asset wise; e-minis are a touch firmer and 2 Year Us Treasury Yields are ~3bps higher.
  • In Europe today the data calendar is thin, German Factory Orders and Eurozone Retail Sales provide the highlights.
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