Next Move from RBA to Be Up: AUD/USD
The AUD/USD hasn’t been too active on the back of what has been a relatively expected minutes release from the RBA.
The main headlines are the fact that the RBA is likely to make its next move up rather than down. That comes on the back of a number of lenders upping their rates out-of-cycle with the RBA.
However, as they also point out there is no case for a move in the short-term. While we have seen strong employment at the moment, there are still concerns around debt levels and especially housing
Wage growth is also sluggish and struggling to keep pace with inflation, which is a real concern now. Especially given the high cost of living and house prices in Melbourne and Sydney.
Governor Lowe will be speaking later so keep an eye out for further comments.
Aussie Outlook
The AUD/USD is still hanging around the major level at 0.7300.
There does look to be a fair bit of resistance around this level, so I think it will take some work to keep the uptrend going.
The DXY is now at support and again that is a pretty major level. So with the long weekend looming in the US, we might not quite get too much follow through this week.
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