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Resistance Levels Give Way As RBA Hikes Cash Rate Target, Opens Door To More Tightening

AUD

The Aussie dollar catches bid after the RBA raised the cash rate target by 25bp and said further lift in interest rates is needed to meet the CPI target.

  • None of the economists surveyed by Bloomberg forecast this amount of tightening. Consensus was looking for a 15bp hike, although minority groups of analysts called for a 40bp hike or no change to the cash rate target.
  • Post-RBA impetus allowed AUD/USD to cross above the $0.7100 mark, which capped gains earlier in today's Asia-Pac session. The pair last deals at $0.7121, up 70 pips on the day.
  • AUD/NZD soared above the psychologically significant NZ$1.1000 figure, which limited gains on Apr 21. The pair lodged fresh cycle highs at NZ$1.1040 as a result and last trades at NZ$1.1024, up 66 pips on the day.
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