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Partial Holiday Saps AUD Liquidity, RBA Meets This Week

AUD

The Aussie dollar has appreciated in early trade, with the commodity-tied space drawing support from firmer crude oil futures, which react to weekend reports of output cut talks among OPEC+ members.

  • Australia observes partial holidays, with NSW & the ACT observing the Labour Day holiday. This will limit liquidity in AUD crosses.
  • Spot AUD/USD trades +25 pips at $0.6425. From a technical standpoint, the initial bullish target is provided by Sep 26 high of $0.6550, followed by Sep 21 high of $0.6705. Bears eye Sep 28 low of $0.6363 for support, with Apr 24, 2020 low of $0.6337 coming up next.
  • The RBA will announce its monetary policy review on Tuesday, with 16/21 analysts in a Bloomberg survey calling for a 50bp rate hike, while the rest expects a 25bp move. Meeting-dated OIS points to a 60% chance of an increase to the tune of half a percentage point.
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