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20 Aug 2013
AUD/USD, sellers in control post RBA short-lived rally
FXstreet.com (Barcelona) - The AUD/USD has been unable to sustain what has been a short-lived recovery after all, with sellers returning at 0.9120 to send the exchange rate towards important support at 0.9080.
RBA next decision data-dependent
According to NAB: "The RBA minutes spent a bit of time talking about the communication of the decision "should neither close off the possibility of reducing rates further, nor signal an imminent intention to reduce rates further" so they are neutral and data dependent." NAB added that "rallies may still be taken as opportunities to get short..."
The controversy here, as pointed by Peter Whitley at IFR Markets, is that "if AUD/USD goes up the more likely the RBA will cut again" he said. Whitley adds that the initial AUD rally was a bit strange as RBA leaves door open for further cuts depending on next barrage of economic releases.
RBA next decision data-dependent
According to NAB: "The RBA minutes spent a bit of time talking about the communication of the decision "should neither close off the possibility of reducing rates further, nor signal an imminent intention to reduce rates further" so they are neutral and data dependent." NAB added that "rallies may still be taken as opportunities to get short..."
The controversy here, as pointed by Peter Whitley at IFR Markets, is that "if AUD/USD goes up the more likely the RBA will cut again" he said. Whitley adds that the initial AUD rally was a bit strange as RBA leaves door open for further cuts depending on next barrage of economic releases.