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1 Oct 2013
AUD/USD gains uptrend momentum after RBA minutes
FXstreet.com (Athens) – The AUD/USD spiked nearly to 0.9370 after the RBA minutes, gaining approximately 35 pips.
AUD/USD strongly upwards despite RBA didn’t give an outright hawkish lean
The “Aussie” was hovering around 0.9335 before the RBA minutes, both to the fact that since the opening of the Asian trading session the US government default on its on debt was more than imminent as well as on the fact that the Australian data released earlier (retail sales, house prices, PMI), released at very solid levels. As soon as RBA minutes released, the “Aussie” made a spike of around 35 pips, getting much nearer to the 0.9400 area. The RBA appeared firmly on hold in its statement today, suggesting that “the Aussie dollar is up, but still 10% below April's levels”, as well as that “the lower Aussie dollar level will help rebalance growth, while policy remains appropriate.”
While Reserve Bank of Australia maintained the interest rate at 2.5% as expected, the “Aussie” managed to climb 35 pips, bringing the pair closer to the 0.9400 area. It seems that the vast majority of investors “caught off guard” on the “neutral” monetary stance as well on neutral comments made by RBA, therefore a lot of “stops” were hit, sending the pair further upwards. Looking ahead, amidst solid PMI data on behalf of China and solid data released regarding Australia earlier, we would not be surprised if the pair continued to set up a bullish movement to the double top area, as of 0.9460. Obviously, the pair should by any means break clearly the first resistance as of 0.9400, to move on the 0.94http://backoffice.fxstreet.com/img/bold.gif60 double top area.
AUD/USD strongly upwards despite RBA didn’t give an outright hawkish lean
The “Aussie” was hovering around 0.9335 before the RBA minutes, both to the fact that since the opening of the Asian trading session the US government default on its on debt was more than imminent as well as on the fact that the Australian data released earlier (retail sales, house prices, PMI), released at very solid levels. As soon as RBA minutes released, the “Aussie” made a spike of around 35 pips, getting much nearer to the 0.9400 area. The RBA appeared firmly on hold in its statement today, suggesting that “the Aussie dollar is up, but still 10% below April's levels”, as well as that “the lower Aussie dollar level will help rebalance growth, while policy remains appropriate.”
While Reserve Bank of Australia maintained the interest rate at 2.5% as expected, the “Aussie” managed to climb 35 pips, bringing the pair closer to the 0.9400 area. It seems that the vast majority of investors “caught off guard” on the “neutral” monetary stance as well on neutral comments made by RBA, therefore a lot of “stops” were hit, sending the pair further upwards. Looking ahead, amidst solid PMI data on behalf of China and solid data released regarding Australia earlier, we would not be surprised if the pair continued to set up a bullish movement to the double top area, as of 0.9460. Obviously, the pair should by any means break clearly the first resistance as of 0.9400, to move on the 0.94http://backoffice.fxstreet.com/img/bold.gif60 double top area.