AUDUSD Stronger Ahead Of RBA, A$ Treading Water Against Crosses

The Aussie has continued to take back some of its recent losses against the dollar during the APAC session. AUDUSD is currently up 0.3% at around 0.6902, close to its intraday high of 0.6908, ahead of the RBA meeting later. This has been helped by some USD weakness.

• Aussie is generally trading sideways against the major crosses. AUDNZD is around 1.0918, AUDJPY 91.35 and AUDGBP 57.29. Aussie is up 0.2% against the euro at 0.6428.
• Equity markets are generally higher today with the ASX up 0.1% and the Hang Seng +0.9%. S&P e-minis are also higher up 0.3%. Commodities are also stronger on better sentiment with WTI oil prices up 0.9% to $74.77/bbl and copper up 0.2%. Iron ore is stable around $122/t.
• Today the RBA announces its meeting decision at 1430 AEDT and another 25bp hike to 3.35% is widely expected but the guidance and forecast mentions will be watched closely for any change of tone. See MNI RBA Preview - February 2023 for more details. Later the focus is on Fed Chairman Powell while there is also US December trade data.