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AUD on Top as RBA Warn More to Come

FOREX
  • The RBA pushed against consensus with a 25bps hike to the cash rate target, boosting rates to 4.10% and signaling that further policy tightening could follow. In response, AUD rallied and sits firmer against all others in G10 - helping to extend the streak of higher intraday lows into a fifth session against the USD. AUD/USD is now within range of the 200-dma resistance at 0.6692 and a break above would open the mid-May highs of 0.6710.
  • Chinese assets traded briefly firmer through the local close, with markets receiving a small boost on the back of reports out of China, as authorities ask the largest Chinese banks to cut their interest rates levied on deposit products - with steps to become effective as soon as this week. The release has raised some market concern about the aggregate financing data due later this week - with the policy step today potentially looking to get ahead of a weaker-than-expected release.
  • GBP is among the poorest performers so far Tuesday, chewing through Monday's modest gains to narrow the gap with the pullback lows at 1.2369 - the next downside support.
  • Data releases are few and far between Tuesday, keeping focus on the Canada Ivey PMI later today. ECB's Centeno and Vujcic make up the speaker slate, with Fedspeak off the agenda as markets sit inside the pre-meeting media blackout period.
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