AUD/USD currently operates around best.......>

AUSSIE: AUD/USD currently operates around best levels, last ~$0.7230. There was

little surprising content in the RBA statement, as the Bank left its cash rate

unch. at 1.50%. The Bank stuck to its glass half full approach & there was a

lack of fresh dovish rhetoric, with some of the comments positive at the margin.

The Bank didn't change its language re: mortgage rates, despite the recent hike

from Westpac or acknowledge the latest round of political upheaval. The Bank

noted that the econ. likely grew at an above trend rate in H118. The Bank also

reiterated that the outlook for the labour market remains +ve & that there

should be a further lift in wages growth over time, after a little pick up

recently, owing to reports of skills shortages in some areas & high vacancy

rate, with a further gradual decline in unemployment still exp.

- AUD/USD was pressured pre-RBA, but had little reaction to the latest GDP

partials. The cross is above Monday's high ($0.7224), with resistance noted at

the 38.2% retracement of the move from $0.7381 to $0.7166 ($0.7248).

- Focus now turns to an address from RBA Gov. Lowe, with expectations that he

will reiterate that the next move in the cash rate will likely be up.