- AUD/USD started the session well trading close to recent highs.
- After today’s data now AUD/USD only trades 0.17% higher for the session.
AUD/USD was 0.75% higher on the session at one point today as commodities traded higher.
Also overnight we had the latest from the RBA who left rates unchanged as expected.
Although the RBA were not expected to move on rates some analysts were expecting the central bank to be slightly more dovish.
Prior to the meeting calls for a rate cut in December were higher with some institutions pricing in a cut at 90%.
After the meeting, those calls have shortened significantly as the RBA noted it could still achieve its 2% inflation target.
On the downside, the consolidation low stands at 0.6873 and traders will be watching the support for any signs of weakness.
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