Free Trial

Tanks After RBA Decision

AUD

Aussie crosses have plunged in reaction to the announcement of the RBA's monetary policy decision. The Reserve Bank scrapped their ACGB Apr '24 yield target and left the cash rate unchanged, while noting that inflation "remains low in underlying terms."

  • AUD/USD has shed 23 pips and last trades at $0.7504, after yesterday's low of $0.7486 provided a durable layer of support. Familiar technical levels remain in play.
  • AUD/NZD sits at NZ$1.0457, 19 pips worse off. A clean break below the 50-DMA/Oct 22 trough at NZ$1.0432/17 would give bears some fresh momentum.
  • AUD/JPY last seen -35 pips at Y85.42 and the yen now sits atop the G10 pile. Downside focus falls on Y84.61, which cushioned losses on Oct 22. Bulls see Oct 21 peak at Y86.26 as their initial target.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.