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AUD Takes Drubbing After RBA Statement

FOREX

The RBA's monetary policy decision rattled AUD, as policymakers left the cash rate unchanged but scrapped their ACGB Apr '24 yield target. The Reserve Bank said that they are "prepared to be patient," as inflation "remains low in underlying terms."

  • AUD/USD went offered but yesterday's low of $0.7486 provided a durable layer of resistance. AUD/NZD plunged to a one-week low, approaching its 50-DMA.
  • The yen outperformed amid heightened demand for safe haven currencies, as U.S. e-mini futures lost ground.
  • Japan's FinMin Suzuki stressed the importance of currency stability and noted that officials will continue to monitor FX markets.
  • Swiss CPI and a suite of m'fing PMIs from several Eurozone countries headline the global data docket today. Speeches are due from ECB's Enria, Elderson & de Cos.
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