RBA Meeting Minutes overview
The Reserve Bank of Australia (RBA) will be publishing the Meeting Minutes of their latest meetings at 01:30 GMT. The RBA has been striking a dovish tone recently, striking warnings about an overvalued AUD in recent minutes, as well as repeated dovish showing from the RBA’s Governor, Philip Lowe. Market expectations have been set in the basement for the RBA, with traders confident that the central bank will be keeping in-line with their current position which sees the RBA holding off on interest rate increases until some time in 2019.
How could it affect the AUD/USD?
Traders are bracing for another dovish showing from the Australian central bank, and as FXStreet’s own Valeria Bednarik noted, “the central bank also expressed its concerns about global trade woes that can affect local economic growth, so investors are heading into the event expecting a dovish stance. Meanwhile, the pair maintains a short-term neutral stance, as in the 4 hours chart, is trading above directionless 20 and 100 SMA, while below a slightly bearish 200 SMA, as technical indicators erased their early gains and hover now around their midlines.”
Support levels: 0.7400 0.7370 0.7330
Resistance levels: 0.7450 0.7490 0.7520
Key notes
AUD/USD analysis: waiting for dovish RBA Meeting’s Minutes
AUD/USD continuing to hold above 0.74 ahead of the RBA’s Meeting Minutes
About the RBA Meeting Minutes
The minutes of the Reserve Bank of Australia meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. Generally speaking, if the RBA is hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, and that is positive for the AUD.
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