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AUSSIE: AUD/USD last $0.7244 in the wake of the RBA's latest SoMP, which saw it
leave its '20 inflation exp. unch. at 2.25%, after the Bank noted that "the
central scenario is for inflation to be 2.25% in '19 & a bit higher in the
following year" on Tues (the "a bit" language was in the statement today, but
the central exp. stayed unch.), modest changes across the GDP exp. were seen,
with the longer run unemp. exp. nudged down to 4.75% as exp. The RBA re-affirmed
it sees no need for a near-term hike, though it signalled increasing employment
could fuel domestic inflation down the line. Focus turns to next week's wage
growth figure as the RBA noted that "a gradual pick-up in wages growth is
expected as the econ continues to improve & is likely to be necessary for
inflation to be sustainably within the target range. There remains considerable
uncertainty about how soon & how quickly this might occur." Elsewhere AU labour
market data & an address from RBA's Debelle will likely draw attention.
- Hourly support at $0.7240/30, lows $0.7437 overnight. Bears need a break below
the 50-DMA at $0.7160 to test broken down trendline resistance-turned-support
from the Feb highs, which comes in at $0.7150. Bulls need to clear $0.7300.