The key focus in trade today for the Aussie is the RBA minutes. Each month we get a bit more of an insight into what went on at the previous meeting and the thinking behind the interest rate decisions.
One of the key things of interest for forex traders is the value of the AUD. It’s no secret that the RBA isn’t impressed with values being as high as they are. An 80 cent AUD hurts our exports and Australia is an export economy as commodities play a big role.
Generally we get some jawboning when the time is right, however, it will be interesting to note what the thoughts might be. Given the fact that the AUD/USD was one of the weakest performers in Monday trade, it might be worth seeing if there are any comments around the AUD value and if that sparks some more weakness.
While the minutes don’t always add anything new to the conversations, any push lower should see us hit the next resistance level at 0.7930.
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