AUD/USD last $0.7244 in the wake of the......>

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.