Aussie down after RBA Meeting Minutes

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Tuesday, Sep 15 2015

Aussie was pushed lower this morning after RBA Meeting Minutes showed concern over the impact on domestic growth of the economic slowdown in China. "Members noted that the Chinese authorities had for some time been selling foreign exchange reserves to prevent the RMB from depreciating against the US dollar in the face of significant capital outflows," the RBA minutes said.

"This contrasted with the experience in the previous decade, during which foreign reserves had been accumulated to limit the appreciation of the RMB in the face of capital inflows. Members noted that it was not clear which assets the Chinese authorities had sold as part of the recent intervention nor which assets were being bought by those taking capital out of China, but given the potential size of these flows, their effects on asset markets could be large."

Aussie is currently being traded few points above 0.7110 level. Pair is likely to find support around 0.7070 area and resistance above 0.7170 level. Later today, in the US session, Retail Sales, Empire State Manufacturing Index and Industrial Production figures are scheduled for a release.

More in this category: « Sterling stable above 1.54 handle UK CPI unchanged in August »

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