Free Trial

AUD On The Up as RBA Double Down on Taper Plan

  • AUD outperforms, with the currency seeing some support from the RBA rate decision, which ran against market expectations. The Bank chose to stick with its tapering plan, going against market consensus, pledging to continue to wind down purchases from A$5bln per week to A$4bln in early September. AUD/USD is just below the week's highs of 0.7408, with resistance seen at 0.7429, the high from Jul 19.
  • The greenback is weaker inside a range, with the USD Index soft but still just above the Monday lows of 91.912 and last week's multi-month lows of 91.782.
  • NOK is the strongest currency in G10, with the currency benefiting from a stabilisation in oil prices after Monday's downtick. USD/NOK eyes the formation of a golden cross in DMA space, with the 50-dma likely to top the 200-dma at some point this week.
  • US factory orders and final durable goods orders numbers are the highlight on the data slate, with the speaker schedule also light. Fed's Bowman is due to give welcoming remarks at a Fed conference focused on low income and marginalized workers.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.