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AUD/USD Tracking Higher Post RBA Minutes

AUD

AUD/USD is a touch firmer post the RBA minutes. We sit around session highs, last 0.6710/15, which is +0.15% above NY closing levels. The currency has been largely range bound around the 0.6700 level since the start of the session. Outside of yen, the USD is a touch weaker against the rest of the G10 complex, which is likely helping the A$ at the margins.

  • The RBA minutes left the door ajar for further tightening, but in a recent speech RBA Governor Lowe stated the pause did not mean an end to the tightening cycle. The minutes also noted further data will be out, along with updated forecasts, ahead of the next policy meeting.
  • The AU-US2yr spread is around -108bps, up from recent lows near -115bps, but still below levels from late last week near -95bps prior to the rebound in US yields.
  • AUD/USD needs to clear yesterday's highs around 0.6720 to see greater upside traction. Beyond is the 0.6760/70 region, which prevailed prior to the US yield spike on Friday. Monday's low came in close to 0.6680.
  • Coming up in around 15 mins is the China Q1 GDP data and monthly activity figures for March.
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