AUD Pressured After RBA Holds Rates At 3.6%

AUD is pressured in Asia today, falling after the RBA held rates at 3.6%. The RBA board watered down previously hawkish forward guidance as the bank noted in the final paragraph that some further tightening "may" be needed, at the previous meeting the board had noted further tightening will be needed.

• AUD/USD prints at $0.6760/65 ~0.3% softer today. The pair fell from $0.6785/90 pre decision. AUD/NZD is also ~0.4% softer, the cross has fallen below its 20-Day EMA ($1.0754) as bears target 2023 lows ($1.0667).
• Yen is also pressured. USD/JPY briefly dealt below Monday's lows before firming as US Treasury Yields ticked marginally higher. The pair prints at ¥132.70/80 ~0.2% firmer.
• Kiwi is little changed today, NZD/USD firmed through $0.63 meeting resistance at $0.6310 and paring gains to sit at current levels. A narrow 20 pip range has been respected for the session thus far.
• Elsewhere in G-10 EUR and GBP are both little change, there has been little follow through on moves thus far.
• Cross asset wise; 10 Year US Treasury Yields are little changed having been ~2bps higher earlier in the session. BBDXY is ~0.1% firmer and e-minis are little changed.
• Eurozone PPI data headlines an otherwise thin European session. Further out we have Factory Orders and JOLTS Job Opening.