The Australian Dollar (AUD)
Key news events today
AUD Cash Rate
AUD RBA Rate Statement
What can we expect from AUD today?
The RBA hiked rates by 25bps today, taking interest rates in Australia to 3.35%. In the accompanying rate statement, the RBA indicated that further interest rate hikes can be expected, signaling that the current period of high inflation is only temporary. The AUDUSD spiked up to the 0.6950 price level on the release of the interest rate decision. If the price retraces lower beyond the 0.69 round number support, more significant moves to the downside can be expected. However, the AUDUSD could trade briefly higher to test the 0.70 resistance level before trading lower again.
Central Bank Notes:
Cash rate stands at 3.10%
Future rate rises will be determined by data, the outlook for inflation, and the labour market.
Next meeting on 7 February 2023
Next 24 Hours Bias
Weak Bullish
