- RBA minutes more upbeat on growth, lift AUD/USD to session highs.
- Policymakers are in no rush to hike rates.
The Reserve Bank of Australia (RBA) June meeting minutes sounded more upbeat on growth, pushing the AUD/USD to a session high of 0.7427.
The minutes said, “the recent data is consistent with forecast acceleration in GDP growth to above 3 percent”, but warned that protectionist policies, political uncertainty in Italy and EM instability are a downside risk to the global outlook.
As of writing, the AUD/USD is trading at 0.7417. The upside is likely being capped by the fact that despite upbeat take on the economy, the policymakers are in no hurry to hike rates. Meanwhile, the Fed signaled faster rate hikes last week.
AUD/USD Technical Levels
Resistance: 0.7443 (50-hour moving average), 0.7468 (5-day moving average), 0.7540 (10-day moving average).
Support: 0.7412 (May 9 low), 0.7394 (session low), (0.7328 (May 2016 low).
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