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Higher on RBA Minutes, But Limited Follow Through

AUD

AUD/USD is higher post the RBA minutes, although there hasn't been a great deal of follow through. Versus lows for the session just under 0.6900, we hit a high of 0.6920, but now sit back at 0.6915, only slightly higher on the day. We remain within ranges from Monday's session. AUD/NZD is slightly firmer, last around 1.1050, but down from session highs of 1.1060.

  • Some excitement was likely from the RBA reference to a 50bps or a 25bps hike considered at the Feb meeting. The arguments though for going by 25bps, more frequent RBA meetings, a lot of tightening already delivered etc suggests the bar may be high to move back a firmer pace of hikes.
  • We do get Q4 wages data tomorrow though, which will form an important piece of the outlook.
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