Guarded rhetoric in the latest RBA MonPol....>

AUSSIE: Guarded rhetoric in the latest RBA MonPol meeting dragged AUD to the

bottom of the G10 pile. The minutes reiterated that the Board does not see a

strong case for near-term policy adjustment, but revealed that members discussed

the possibility of a rate cut, if "inflation did not move any higher and

unemployment trended up," which markets read as a marginally dovish signal. The

Bank also noted that the likelihood of a near-term cash rate hike is low.

- AUD/USD last seen at $0.7148, 25 pips worse off, but off of session lows at

$0.7140. A clean break below $0.7138, which represents both the 100-DMA & the

200-HMA, would shift the focus back to the downside and open up the 55-DMA,

cloud top & 21-DMA, hosted by the $0.7120-$0.7117 zone. Meanwhile, a recovery

through the 100-HMA at $0.7158 would allow bulls to set their sights on the

upper Bollinger band (2%), located at $0.7179, just above today's high.

- Australian focus turns to domestic labour market report, which comes out on

Thursday, as well as Chinese GDP, industrial output, retail sales and

unemployment, all due tomorrow.