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AUD Follows RBA Signpost: Easy Policy Not Forever

FOREX
  • AUD is among the session's best performers following the overnight RBA rate decision, in which the bank declined to roll their 3-year yield target from the Apr-24 line. The move was seen as a tacit admission that the Bank are taking their first step toward withdrawing extraordinary stimulus. As a result, AUD is better bid, with the AUD/USD now north of the 200-dma at $0.7576.
  • Other majors are less directional, with the USD and EUR mixed. The NOK has been ebbing throughout the morning, reversing some of the week's strength on the back of buoyant oil prices.
  • EUR/USD saw some early strength just ahead of the European open, touching $1.1895 before fading and returning to negative territory ahead of the NY crossover. This retains the bearish focus, with the Jul 2 1.1808 low the first target.
  • Focus turns to the ISM Services Index, which is expected to slow slightly from last month's record high of 64.0. There are no central bank speakers of note.
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