The June meeting of the RBA is shaping up to be relatively uneventful and most suspect that we won’t see a change in policy.

It is widely expected that interest rates will remain on hold at 0.1% and the outlook for a change is what most are really wanting to know. However, the RBA has made it clear that this likely won’t be happening until July.

When they do address the current policy, there is certainly going to be a lot of attention paid to the level of QE and also the likelihood of a rate rise at some point in the future.

There are also some interesting data points out very soon, including GDP, so there might be some commentary around what we are expecting here. The main one of interest for me is inflation and how it continues to get out of hand, however, the RBA has already suggested they are prepared to let it roll on.

So for today’s meeting, I suspect there is no going to be all that much to hang our hats on and there is likely not going to be any new information forthcoming.

Technical Levels

We’ve had a quiet start to the week, thanks to the fact that the US was away for memorial day.

In reality, the AUD/USD has been range-bound for quite a long time now and we can see that most of the volume has been trading between 0.7700 and 0.7800. We can see that the AUD/USD is pushing higher, which is interesting given we are light on news.

For the time being, we can continue to trade that range until it breaks.