RBA hawkish-sounding quarterly Statement on Monetary Policy does little for AUD – by fx_ross RBA AUDUSD
The RBA has revised up its forecasts for core inflation and wages growth and warned further increases in inetrest rates would be needed to head off a damaging wage-price spiral.
While growth in global goods prices had cooled this was yet to show clearly in Australia, while inflation in the service sector had climbed faster than expected.''AUD/USD was unchanged in the release as the US dollar stays strong in Asia. However, the pair could be expected to make a move higher into re-test the break of the structure considering the bullish M-formation. The downside target is near 0.6920/10 which guards 0.69 the figure.
. If the RBA statement shows a hawkish outlook, that is seen as positive for the AUD, while a dovish outlook is seen as negatvie .Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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