It’s RBA day here in Australia and as always there’s anticipation in the air. This time around the concensus is that there is very little that is going to happen just yet. There’s a key CPI figure that we will all be watching for last month, that might give us a better indication of when rates might rise. As it stands, there shouldn't be too much action today.
Predictions as it stands:
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No change in official rates
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No change in the sentiment of the accompanying statement
So what does all of that mean for traders? Well, effectively we can focus on the technicals. As it stands we have a current sell signal out on the AUD from our leading analysts.
The Aussie has been very bearish of the last week, thanks to a rampant USD and I suspect that is going to continue into the near future.
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