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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.
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