Aussie Regains Poise, RBA Minutes Eyed

AUD/USD turned its tail on Monday, sinking past Apr 13 multi-week low of $0.7392 in the process, with the ascending 50-DMA offering support. The rate was weighed on by China's economic activity data, which showed a fairly sharp, unexpected increase in the unemployment rate and a considerable decline in retail spending. Better than forecast growth data were questioned, with a number of Chinese cities facing strict lockdowns amid the resurgence of Covid-19.

• Local headline flow remains dominated by campaign news, with PM Morrison offering Western Australian businesses not to implement a mining or carbon tax and never to remove the massive rebate on diesel excise tax granted to miners.
• The RBA will today publish the minutes from the most recent policy meeting of its Board. The document will be scrutinised for any hints on policymakers' readiness to raise the cash rate, after they abandoned the reference to "patience" from their guidance.
• AUD/USD trades at $0.7359 at typing, up 10 pips on the day. Further gains past Apr 7 high of $0.7519 would clear the way to Apr 5 high of $0.7661. Conversely, renewed losses past the 50-DMA at $0.7344 would expose Mar 17 low of $0.7283.