Aussie up after RBA Meeting Minutes
Morning part of today's session was marked by RBA Meeting Minutes, which showed more hawkish stanzas than expected. Australia's economy is adjusting to a weaker currency and along with data that dynamic will set the tone for future policy, the Reserve Bank of Australia said in the minutes of its July board meeting released on Tuesday. This is a sign of rebalancing after drift in mining sector.
Members noted that labour market conditions had been a little better than expected over the previous few months, although spare capacity still remained. The unemployment rate had been around 6 per cent in June, after having stabilised over the course of the past year, in contrast to earlier expectations that the unemployment rate would continue to drift higher.
Aussie is currently being traded around 0.7360 area. Pair is likely to find support around 0.7320 level and resistance above 0.7450 handle. Later today, in the US session, Building Permits and Housing Starts figures are scheduled for a release.
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