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RBA minutes overview

The minutes from the RBA Board’s May  meeting are due at  11:30amSyd/9:30am Sing/HK, after the RBA, as widely expected, left the official cash rate at 1.50% at its latest meeting in August, unchanged yet again.  

“RBA Minutes for the August meeting are released, but as the meeting was held before the annual RBA Anika speech, quarterly Statement on Monetary Policy and semi-annual testimony on monetary policy to Parliament, there won’t be anything new to say. RBA Governor Phil Lowe gives a speech to ASIC’s National Financial Capability Strategy, which doesn’t sound market-moving,” analysts at TD Securities explained.

How could the minutes affect AUD/USD?

The August 14th doji  was a give away in the Aussie’s recent valiant  attempt of a reversal back this sideways channel that was formed back in June’s business after the pair fell from the 0.7620’s. The pair has so far pierced the down channel’s resistance on a break of the 10-D SMA. However, bulls need to get through  here with closes above the 21-D SMA up at 0.7358 to get back above water vs an otherwise broader and heavier downstream current commencing all the way back in the 0.8180’s from the start of 2018’s business. As this is expected to be a non-event, the further upside potential is limited to the resistance of 0.7350/60 while the downside is open to the hourly  21-SMA at 0.7318. A break of these levels opens 0.7380/10 and 0.7280/00.

Key notes:

About the RBA 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.