The AUD Doesn’t Fire a Shot on RBA Minutes: Damage is Done
Rowan Crosby • 1 min read
Last week I was talking about how strong the 79 handle was and now we are down testing 77.
Today the RBA minutes came out and there was a pretty muted response. If any in truth. We heard the same headlines once again about how a high dollar would hurt the economy.
They also mentioned how low interest rates are helping the economy, employment and boosting inflation.
That’s really the way they want things at the moment and by the sounds all is good. Of course, we can’t have low interest rates forever and as we might just see today the US is already getting ready to fire things up on that front.
I’ve been talking about the 0.7650 level for some time and that still remains my downside target.
I suspect we will break 0.7700 and make the move to the next major support level very soon. My only fear is the FOMC which might actually see the USD fall despite a hike, as the change is already factored into the market.