AUD/USD is quietly waiting for a catalyst for its next move with the commodity currency currently sitting right in the middle of its recent 0.7700-7500 range at 0.7600 in early Asian trade.
Traders hoping for inspiration from the RBA at 2:30pm AEST time are likely to be disappointed with the RBA almost guaranteed to remain on hold after reluctantly cutting last month.
The Australian central bank is like to take a wait and see approach with the possibility of a US FED rate hike possible in coming months able to do the work of lowering the AUD/USD rate. If the FED doesn’t cut and we find ourselves closer to 0.8000 come November and the Q3 AUS CPI data remains under the RBA target band of 2-3% Y/y then the RBA may cut 1 final time in 2016.
In other news overnight some disappointment from the official Russia/Saudi Oil agreement that failed to fully implement a production freeze has seen some profit taking on the OIL/USD from $47 to $45.50.
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