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Patient RBA Ignites Selling Pressure

AUD

The Aussie dollar goes offered across the board after the RBA stuck to its "patient" stance re: interest rates while it monitors inflation dynamics.

  • The Reserve Bank scrapped its QE programme (as expected) but stressed that "ceasing purchases under the bond purchase programme does not imply a near-term increase in interest rates."
  • AUD/USD last changes hands -32 pips at $0.7035, stabilising after its post-RBA downleg. The rate remains within the confines of yesterday's range, which leaves familiar technical levels in play.
  • AUD/NZD pulled back after printing a fresh multi-month high of NZ$1.0758 earlier in the session. It last trades -42 pips at NZ$1.0705, with bears looking for a slide through Jan 28/24 lows of NZ$1.0649/35.
  • AUD/JPY sits at Y80.92, down 45 pips on the day. Jan 28 low of Y80.37 provides the initial bearish target and a break here would expose Dec 20 low of Y80.28.
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