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Aussie little changed in a quiet Friday trade

Friday, Sep 23 2016

There were no major data releases from Australia today with traders still under influence of RBA's recent stanzas. The minutes of the RBA’s September 6 meeting stated that economic data from Australia over the past month “had been broadly consistent with the forecasts published in the August Statement on Monetary Policy.” The RBA minutes provided support for the AUD/USD because traders interpreted them to mean that interest rates are likely to remain on hold in the foreseeable future because growth remains in line with expectations, and the RBA remains comfortable with the housing market.

 

Although the Reserve Bank of New Zealand held its benchmark interest rate at 2.0 percent last Thursday, the New Zealand Dollar weakened because the central bank also reiterated that further easing will be required. “Monetary policy will continue to be accommodative,” said Governor Graeme Wheeler in a statement. “Our current projections and assumptions indicate that further policy easing will be required to ensure that further inflation settles near the middle of the target range.”

 

Aussie is currently being traded around 0.7620 handle. Pair is likely to find support around 0.76 area and resistance above 0.7650 level.

Last modified on Saturday, 24 September 2016
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